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March 09, 2023
- Price action breaks below important support level at $81.5
- A crossing of the lower Bollinger Band® at $149.54 suggests further losses may follow for Vanguard Dividend Appreciation ETF.
Materials Select Sector SPDR Fund made an initial foray below its 50 day Simple Moving Average around $81.82. Materials Select Sector SPDR Fund plunged below the $80.03 Fibonacci support level; next know Fib target at $79.14. Materials Select Sector SPDR Fund fell below the $81.5 support zone and receded $1.62 beyond it. On the other hand, note that 'Bullish Harami' is a candlestick chart indicator used for detecting reversals in an existing bear trend. It is generally indicated by a small price increase that's contained within a broader downward price movement and is commonly associated with a bearish trend coming to an end. Bollinger Bands® shows an indication of recovery: the lower band is at $79.61, a low enough level to, generally, suggest that Materials Select Sector SPDR Fund is trading below its fair value.
Overall, looking at the technical analysis landscape, it seems that although indicators are mixed and some are pointing in different directions further drawbacks may be next for Materials Select Sector SPDR Fund.
$149.93 marks the crossover point where Vanguard Dividend Appreciation ETF price action falls below its 200 day Simple Moving Average. Vanguard Dividend Appreciation ETF is hovering around the $150.74 Fibonacci support level. Vanguard Dividend Appreciation ETF has just crossed the lower Bollinger Band® at $149.54, indicating further losses could be forthcoming. Vanguard Dividend Appreciation ETF fell below the $151.26 support zone and receded $1.77 beyond it.
Several technical indicators are adding weight to the bearish momentum seen today and forecasting Vanguard Dividend Appreciation ETF to extend its recent losses.
Vanguard Total International Bond ETF's recent run now faces a major challenge as concentrated supply is likely found at $47.86 with price action currently 3 cents away.
Fundamental indicators – United States Initial Jobless Claims fell short of the 195,000 projections, with new data of 211,000.
Upcoming fundamentals: tomorrow at 13:30 UTC data for United States Non Farm Payrolls will be released, with an expected decline to 205,000 from the preceding figure of 517,000.
