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June 08, 2023
A quick look at yesterday: Industrial Select Sector SPDR Fund went up to $102.49 yesterday, gaining 1.61%.
United States Initial Jobless Claims data will be released today at 12:30 UTC, with an expected decline to 235,000.
On the flip side, data from United States concerning Crude Oil Inventories was released yesterday at 14:30 UTC. Newly published figures emphasized continued decline from last month's figure of 4.49 million to -451,000 this month.
At the same time, United States Cushing Crude Oil Inventories released yesterday at 14:30 UTC with a figure of 1.72 million, while the previous figure was 1.63 million. United States Trade Balance (Apr) came out at -74.6 billion, while a consensus of analysts was expecting -75.2 billion.
Trend-following investors would be interested to note that 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. According to asset volatility analysis, Industrial Select Sector SPDR Fund's upper Bollinger Band® is at $102.33, this is a slight indication of a slowdown. Analysis of Industrial Select Sector SPDR Fund's recent price action suggests Industrial Select Sector SPDR Fund is 68 cents away from testing key resistance at $103.17. Peaking above this level could inspire market bulls and open the path to further gains.
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.
Meanwhile, Amazon is down to $121.23, losing $5.38, after ending the previous session around $126.61. After ending yesterday's session at $127.91, Alphabet lost $4.97 and is trading around $122.94. Intuit dips 5.83% yesterday and closed at $448.49.
Also worthy of note, today at 12:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 235,000 from the preceding figure of 232,000.
Industrial Select Sector SPDR Fund hit a significant low of $82.84 around 8 months ago, but has since recovered 21.76%.
