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May 08, 2023
A quick look at Friday: Industrial Select Sector SPDR Fund closed Friday at $99.51 (with a daily low of $98.81) after ending Thursday at $98.03 and gaining 1.51%.
Industrial Select Sector SPDR Fund made an initial breakout above its 50 day Simple Moving Average at $99.65, a potential indicator of a newly emerging bullish phase. Industrial Select Sector SPDR Fund's lower Bollinger Band® is at $97.75, indicating that the market is oversold and fertile for new buyers. In contrast, Industrial Select Sector SPDR Fund could be slowing down soon; it is getting close to the resistance line and is now at $99.94, only 43 cents away. Crossing the resistance line could, however, suggest that further gains are ahead.
Overall, looking at the technical analysis landscape, it seems Industrial Select Sector SPDR Fund might continue pointing upwards in the short term.
Industrial Select Sector SPDR Fund shows positive signs, other assets are also on par: Apple added 4.69% and closed around $165.79 Friday. Walt Disney leaps up 3.15% Friday and closed at $97.45. BHP Billiton is trading around $60.79 after ending Friday's session at $58.18 (up 4.49% today).
Furthermore, the market is looking at United States EIA Short-Term Energy Outlook is scheduled for tomorrow at 16:00 UTC.
Industrial Select Sector SPDR Fund has fallen back around 5.44% from the significant high of $103.67 set 2 months ago.
