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June 15, 2023
A quick look at yesterday: Consumer Staples Select Sector SPDR Fund closed yesterday at $73.84 (with a daily low of $73.51) after ending Tuesday at $73.39 and gaining 0.61%.
United States Initial Jobless Claims is next today at 12:30 UTC.
This move comes while some more positive signs for Consumer Staples Select Sector SPDR Fund are out as data for United States Crude Oil Inventories published yesterday at 14:30 UTC came out at 7.92 million, beating projections of 1.48 million and showing improvement over the preceding figure of -451,000.
On the flip side, highly important Producer Price Index data from United States beat analyst expectations of -0.1% with a reading of -0.3%.
Meanwhile, United States Interest Rate released yesterday at 18:00 UTC with a figure of 5.25, while the previous figure was 5.25.
Consumer Staples Select Sector SPDR Fund made an initial breakout above its 21 day Simple Moving Average at $74, a potential indicator of a newly emerging bullish phase. In contrast, Consumer Staples Select Sector SPDR Fund is 28 cents away from testing key resistance at $74.12. Peaking above this level could inspire market bulls and open the path to further gains.
Overall, looking at the technical analysis landscape, it seems Consumer Staples Select Sector SPDR Fund might continue pointing upwards in the short term.
Other markets are also showing gains as Toyota went up by 4.74% yesterday, and closed at $165.57. Nike explodes 5.69% yesterday and closed at $106.78.
At the same time, UnitedHealth is down to $459.86, losing $31.45, after ending the previous session around $491.31.
Also worthy of note, as things stand, upcoming United States Retail Sales data is projected to fall short of market expectations with newly published data of -0.1%, following on from the preceding figure of 0.4%. New data is set to be published today at 12:30 UTC. United States Core Retail Sales expected to decline to 0.1% while its preceding data was 0.4%, data will be available today at 12:30 UTC.
Elsewhere, United States Philadelphia Fed Manufacturing Index (Jun) will be released today at 12:30 UTC.
All in all, the fund has been on a negative trend for around a month. Consumer Staples Select Sector SPDR Fund is now trading 5.3% below the significant high of $77.5 it set around a month ago.
