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May 27, 2023
Yesterday at a glance: a bright session dominated by bullish sentiment helped XLI to close 73 cents higher, while setting a $97.78 to $98.72 session range.
Nevertheless, Core Durable Goods Orders in United States fell short of market expectations (0%) with a reading of -0.2%, continuing the decline from the previous figure of 0.3%.
At the same time, United States Core PCE Price Index (MoM) (Apr) released yesterday at 12:30 UTC with a figure of 0.4, while the previous figure was 0.3. United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 193,100, while the previous figure was 191,500.
Analysis of Industrial Select Sector SPDR Fund's recent price action suggests Industrial Select Sector SPDR Fund reversed direction at $98.46 resistance zone and retreated back 12 cents below it. Trend analysis indicates that Industrial Select Sector SPDR Fund made an initial breakout above its 5 day Simple Moving Average at $98.6, a potential indicator of a newly emerging bullish phase. Price action remains constrained around the key Fibonacci level of $98.36 currently serving as resistance Asset volatility analysis shows that Industrial Select Sector SPDR Fund's upper Bollinger Band® is at $100.33, this is a slight indication of a slowdown.
Overall, the technical outlook suggests Industrial Select Sector SPDR Fund is likely to remain muted for the immediate future, with no clear-cut direction.
Industrial Select Sector SPDR Fund shows positive signs, other assets are also on par: Costco went up by 4.26% yesterday, and closed at $507.26. Intel is trading around $29 after ending yesterday's session at $27.4 (up 5.84% today). Netflix is trading around $378.88 after ending yesterday's session at $359 (up 5.54% today).
Trading mostly sideways for 30 days. Industrial Select Sector SPDR Fund has fallen back around 5.85% over the past 2 months, from a notable high of $103.67.
