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April 18, 2023
A quick look at today: with a daily low of $75.41, Consumer Staples Select Sector SPDR Fund closed today at $75.88, after ending yesterday at $75.66 and gaining 21.5 cents (0.28%).
At the same time, United States Building Permits (Mar) came out at 1.41 million, while a consensus of analysts was expecting 1.45 million. Housing Starts in United States fell short of market expectations (0.4%) with a reading of -0.8%, continuing the decline from the previous figure of 7.3%. United States Building Permits released today at 12:30 UTC with a figure of -8.8%, while the previous figure was 15.8%.
Consumer Staples Select Sector SPDR Fund reversed direction at $75.95 resistance zone and retreated back 7 cents below it. Despite posting gains on today, Consumer Staples Select Sector SPDR Fund slid below its 5 day Simple Moving Average at $75.46 during the last session — an early indicator that a negative trend could be emerging. Consumer Staples Select Sector SPDR Fund's upper Bollinger Band® is at $76.92, this is a slight indication of a slowdown.
After posting consistent gains as part of its uptrend and being lifted by intraday sentiment, technical factors suggest Consumer Staples Select Sector SPDR Fund is set for a reversal in the coming days.
Other markets are also showing gains as The Blackstone Group Inc. is trading around $91.51 after ending today's session at $87.23 (up 4.91% today). Lockheed Martin jumps 2.41% today and closed at $489.64.
At the same time, Johnson & Johnson lost 2.81% today and closed at $165.67.
Also worthy of note, United States Crude Oil Inventories expected to decline to -2.46 million while its preceding data was 597,000, data will be available tomorrow at 14:30 UTC.
The fund has been trending positively for about a month. After hitting an important low of $66.5 approximately 6 months ago, Consumer Staples Select Sector SPDR Fund has bounced back 13.77% since.
