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June 29, 2023
Today at a glance: a bright session dominated by bullish sentiment helped XLI to close $1 higher, while setting a $105.19 to $106.44 session range.
Industrial Select Sector SPDR Fund upside coincides with further encouraging market factors as highly important GDP data from United States beat analyst expectations of 1.4 with a reading of two. United States Initial Jobless Claims beat the 266,000 projections, with 239,000.
On the flip side, United States Pending Home Sales fell short of the -0.5% projections, with new data of -2.7%.
Technical chart analysis shows Industrial Select Sector SPDR Fund is 43 cents away from testing key resistance at $106.84. Peaking above this level could inspire market bulls and open the path to further gains. Trend and momentum analysis indicates that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. Price action overcame a known Fibonacci resistance level at $105.62 by around 79 cents with prices hammering out a $105.19 – $106.44 session range. Asset volatility analysis shows that Bollinger Band® analysis indicates that current price action is approaching the upper band at $107.33, thereby suggesting that Industrial Select Sector SPDR Fund is becoming overvalued.
Notwithstanding Industrial Select Sector SPDR Fund's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
Industrial Select Sector SPDR Fund shows positive signs, other assets are also on par: Wells Fargo & Company added 4.51% and closed around $40.62 today. Notably, JP Morgan Chase rose 3.49% today and closed at $138.59. Visa Inc. soars 2.79% today and closed at $227.96.
Furthermore, the market is looking at United States Core PCE Price Index (MoM) (May) will be released tomorrow at 12:30 UTC.
