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June 08, 2023
While Financial Select Sector SPDR Fund is on a 7 day bullish trend, Today's session put the brakes on the ongoing uptrend — Financial Select Sector SPDR Fund recovered back to $33.14 after dipping down to $32.88, in a session that followed yesterday's $33.17 close value.
Financial Select Sector SPDR Fund's state is reflected by market data as following a previous reading of 233,000, Initial Jobless Claims in United States released today at 12:30 UTC fell short of the 235,000 figure expected by analysts with an actual reading of 261,000. Highly important Crude Oil Inventories data from United States beat analyst expectations of 1 million with a reading of -451,000. United States Fed's Balance Sheet released today at 20:30 UTC with a figure of 8.39 trillion, while the previous figure was 8.39 trillion.
Financial Select Sector SPDR Fund made an initial break below its 3 day Simple Moving Average at $32.95, a possible indication of a forthcoming negative trend. Financial Select Sector SPDR Fund's upper Bollinger Band® is at $33.36, suggesting that a downward move may follow. Despite this, Financial Select Sector SPDR Fund bounced after reaching the $32.95 support zone, climbing 19 cents above it.
Although price action remains in a stalemate, technical analysis suggests Financial Select Sector SPDR Fund could be primed for a break to the downside.
While Financial Select Sector SPDR Fund was pretty flat today, mixed performances were seen elsewhere as Adobe is trading around $439.03 after ending today's session at $418.32 (up 4.95% today). Novartis rallies 2.18% today and closed at $98.5.
The fund has been trending positively for about a month. Having soared to a high of $37 approximately 3 months ago, Financial Select Sector SPDR Fund is now trading 10.35% lower.
