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May 01, 2023
Stable at $33.12 and still trending upwards, Today's session might suggest a slow down — Financial Select Sector SPDR Fund is trading at $33.12 after closing the previous day at $33.17.
Financial Select Sector SPDR Fund is currently trading at $33.12 following the release of ISM Manufacturing PMI (Apr) data from the United States.
This uncertain state for Financial Select Sector SPDR Fund is reflected by published market data as United States ISM Manufacturing PMI (Apr) released today at 14:00 UTC with a figure of 47.1, while the previous figure was 46.3. United States ISM Manufacturing Prices (Apr) came out at 53.2, while a consensus of analysts was expecting 49. Fresh ISM Manufacturing Employment (Apr) data from United States came out at 50.2.
Financial Select Sector SPDR Fund made an initial break below its 50 day Simple Moving Average at $33.2, a possible indication of a forthcoming negative trend. Financial Select Sector SPDR Fund's upper Bollinger Band® is at $33.75, suggesting that a downward move may follow. Despite this, Financial Select Sector SPDR Fund is approaching key support, around 38 cents away from $32.74. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.
Despite the market lacking direction, technical chart analysis strongly suggests Financial Select Sector SPDR Fund is positioned for a downward move in the near term.
Other markets show mixed performance as Exxon Mobil is down $3.53 from the beginning of the session and now trades around $114.81. Amazon drops 3% to trade around $102.29.
Moreover, United States JOLTs Job Openings (Mar) is expected tomorrow at 14:00 UTC.
The fund has been trending positively for about a month. Having soared to a high of $37 approximately 2 months ago, Financial Select Sector SPDR Fund is now trading 10.35% lower.
