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May 09, 2023
On a 3 day uptrend, Yesterday's session put the brakes on the ongoing uptrend — after closing at $32.33 on Friday, Financial Select Sector SPDR Fund rallied as high as $32.62 but ended the day at $32.38.
Financial Select Sector SPDR Fund made an initial breakout above its 10 day Simple Moving Average at $32.52, a potential indicator of a newly emerging bullish phase. Financial Select Sector SPDR Fund's upper Bollinger Band® is at $33.75 and the lower is $31.68. Financial Select Sector SPDR Fund is approaching key support, around 11 cents away from $32.27. 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 muted price action in Financial Select Sector SPDR Fund, chart analysis indicates it is positioned for a bullish run in the short term.
While Financial Select Sector SPDR Fund was pretty flat yesterday, mixed performances were seen elsewhere as Novo Nordisk went up by 3.19% yesterday, and closed at $168.44. Walt Disney went up by 2.44% yesterday, and closed at $102.97.
Data to be released today might clear up some of the market fog as United States Consumer Price Index is expected tomorrow at 12:30 UTC. United States Crude Oil Inventories projected to decline to -1.6 million while previous data was -1.28 million; data will be released tomorrow at 14:30 UTC. United States Core Consumer Prices figure is projected at 0.4%. It previously stood at 0.4%; data will be released tomorrow at 12:30 UTC.
Financial Select Sector SPDR Fund is now trading 12.62% below the significant high of $37 it set around 2 months ago.
