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July 01, 2023
A quick look at yesterday: a bright session dominated by bullish sentiment helped XLP to close 64 cents higher, while setting a $73.64 to $74.28 session range.
At the same time, United States Core PCE Price Index (YoY) (May) came out at 4.6, while a consensus of analysts was expecting 4.7. United States Core PCE Price Index (MoM) (May) released yesterday at 12:30 UTC with a figure of 0.3, while the previous figure was 0.4. Fresh CFTC S&P 500 speculative net positions data from United States came out at -208,300.
With regards to technical trend indicators, chart analysis show that Consumer Staples Select Sector SPDR Fund made an initial breakout above its 10 day Simple Moving Average at $74, a potential indicator of a newly emerging bullish phase. According to asset volatility analysis, Consumer Staples Select Sector SPDR Fund's upper Bollinger Band® is at $74.73, this is a slight indication of a slowdown. Consumer Staples Select Sector SPDR Fund's notable support and resistance levels: Consumer Staples Select Sector SPDR Fund is 25 cents away from testing key resistance at $74.42. Peaking above this level could inspire market bulls and open the path to further gains.
Overall, the technical outlook suggests Consumer Staples Select Sector SPDR Fund is likely to remain muted for the immediate future, with no clear-cut direction.
Other markets are also showing gains as Novo Nordisk jumps 3.06% yesterday and closed at $157.03. Walmart added 1.88% and closed around $154.28 yesterday.
Meanwhile, Nike lost 2.65% yesterday and closed at $113.37.
Trading mostly sideways for a month. Consumer Staples Select Sector SPDR Fund reached a significant high of $77.5 around 2 months ago but has lost 5.12% since then.
