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March 02, 2023
Yesterday at a glance: a tough session dominated by bearish sentiment left XLP 53 cents lower, while setting a $70.93 to $71.89 session range.
Initial Jobless Claims data from United States will be released today at 13:30 UTC with analysts expecting a decline to 195,000. Potentially significant price fluctuations in Consumer Staples Select Sector SPDR Fund are expected to follow.
Nonetheless, encouraging indicators for Consumer Staples Select Sector SPDR Fund published earlier when highly important Crude Oil Inventories data from United States beat analyst expectations of 457,000 with a reading of 1.17 million.
Meanwhile, United States ISM Manufacturing PMI (Feb) released yesterday at 15:00 UTC with a figure of 47.7, while the previous figure was 47.4. United States Cushing Crude Oil Inventories came out at 307,000.
Technical analysis of Consumer Staples Select Sector SPDR Fund's past price action reveals multiple support and resistance levels: Consumer Staples Select Sector SPDR Fund could begin to recover as it approaches significant support, now 51 cents away from $71. Dipping below could be an indication that further losses are ahead. Trend-following investors would be interested to note that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Analysis based on the asset volatility indicates that Bollinger Bands® shows an indication of recovery: the lower band is at $71.61, a low enough level to, generally, suggest that Consumer Staples Select Sector SPDR Fund is trading below its fair value.
All in all, the technical analysis suggests Consumer Staples Select Sector SPDR Fund has no clear-cut direction.
In the meantime, negative performances are also seen in other markets, Lowe's is down to $194.31, losing $11.44, after ending the previous session around $205.75. Royal Bank Of Canada lost 3.1% yesterday and closed at $101.48.
Positive performances can be seen by looking at other markets as notably, Caterpillar rose 3.81% yesterday and closed at $239.55.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as as things stand, upcoming United States Initial Jobless Claims data is projected to fall short of market expectations with newly published data of 195,000, following on from the preceding figure of 192,000. New data is set to be published today at 13:30 UTC.
Furthermore, United States ISM Non-Manufacturing PMI (Feb) will be released tomorrow at 15:00 UTC.
Consumer Staples Select Sector SPDR Fund has shed 6.9% over the past three months.
