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June 04, 2023
A quick look at Friday: after finishing Thursday at $98.09, Industrial Select Sector SPDR Fund went up to $101.24 before paring its losses and closing at $100.94.
Industrial Select Sector SPDR Fund chart analysis: Industrial Select Sector SPDR Fund could be slowing down soon as it approaches resistance at $101.77. Of course, crossing it might suggest further gains are ahead. Concerning technical analysis and more specifically, trend indicators, investors are seeking long positions as Industrial Select Sector SPDR Fund price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. Price action remains constrained around the key Fibonacci level of $99.51 currently serving as resistance Asset volatility analysis shows that Bollinger Band® analysis indicates that current price action is approaching the upper band at $101, thereby suggesting that Industrial Select Sector SPDR Fund is becoming overvalued.
Overall, while Industrial Select Sector SPDR Fund has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
Industrial Select Sector SPDR Fund shows positive signs, other assets are also on par: Caterpillar skyrockets 8.4% Friday and closed at $209.07. Toyota added 3.8% and closed around $140.65 Friday.
Meanwhile, Verizon tumbles 3.19% Friday and closed at $35.72.
Also worthy of note, United States ISM Non-Manufacturing PMI (May) is scheduled for tomorrow at 14:00 UTC. United States Services PMI figure is projected at 55.1. It previously stood at 55.1; data will be released tomorrow at 13:45 UTC.
Industrial Select Sector SPDR Fund hit a significant low of $82.84 around 8 months ago, but has since recovered 18.41%.
