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March 04, 2023
Yesterday at a glance: a bright session dominated by bullish sentiment helped XLF to close 54 cents higher, while setting a $35.5 to $36 session range.
Meanwhile, United States ISM Non-Manufacturing PMI (Feb) came out at 55.1, while a consensus of analysts was expecting 54.5. United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 224,200, while the previous figure was 243,800. United States CFTC Gold speculative net positions released yesterday at 20:30 UTC with a figure of 128,800, while the previous figure was 160,300.
Visual analysis of Financial Select Sector SPDR Fund's chart shows that Financial Select Sector SPDR Fund could be slowing down soon as it approaches resistance at $36.16. Of course, crossing it might suggest further gains are ahead. Trend and momentum analysis indicates that despite posting gains on yesterday, Financial Select Sector SPDR Fund slid below its 50 day Simple Moving Average at $35.55 during the last session — an early indicator that a negative trend could be emerging. Analysis based on the asset volatility indicates that Financial Select Sector SPDR Fund's lower Bollinger Band® is at $35.14, indicating that the market is oversold and fertile for new buyers.
All in all, the technical analysis suggests Financial Select Sector SPDR Fund has no clear-cut direction.
Other markets are also showing gains as Meta Platforms skyrockets 6.14% yesterday and closed at $174.53. Stryker is trading around $271.53 after ending yesterday's session at $262.09 (up 3.6% today). Notably, Apple rose 3.51% yesterday and closed at $145.91.
The fund has been trending positively for about 2 months. Financial Select Sector SPDR Fund hit a significant low of $30.29 around 4 months ago, but has since recovered 16.97%.
