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May 30, 2023
A quick look at Friday: a bright session dominated by bullish sentiment helped XLF to close 26 cents higher, while setting a $31.88 to $32.19 session range.
United States Consumer Confidence data will be released today at 14:00 UTC, with an expected decline to 99.
Technical analysis of Financial Select Sector SPDR Fund's past price action reveals multiple support and resistance levels: Financial Select Sector SPDR Fund could be slowing down soon; it is getting close to the resistance line and is now at $32.24, only 13 cents away. Crossing the resistance line could, however, suggest that further gains are ahead. Technical analysis trend indicators suggest that Financial Select Sector SPDR Fund made an initial breakout above its 3 day Simple Moving Average at $32, a potential indicator of a newly emerging bullish phase. Friday's price action generated a Japanese candlestick pattern showing a Morning Star, which is a bullish visual pattern consisting of three candlesticks. The pattern forms following a downward trend and tends to indicate a reversal before the start of a new upward climb. Asset volatility analysis shows that Financial Select Sector SPDR Fund's upper Bollinger Band® is at $32.78, this is a slight indication of a slowdown.
With market volatility ebbing, the current technical outlook indicates Financial Select Sector SPDR Fund will remain range-bound for the immediate future.
Financial Select Sector SPDR Fund shows positive signs, other assets are also on par: Costco is trading around $507.26 after ending Friday's session at $486.55 (up 4.26% today). Intel went up by 5.84% Friday, and closed at $29. Netflix soars 5.54% Friday and closed at $359.
Furthermore, the market is looking at today at 14:00 UTC data for United States Consumer Confidence will be released, with an expected decline to 99 from the preceding figure of 101.3.
Furthermore, the market is looking at United States JOLTs Job Openings (Apr) is expected tomorrow at 14:00 UTC.
The fund has been trending lower for about a month. Financial Select Sector SPDR Fund has fallen back around 13.92% from the significant high of $37 set 3 months ago.
