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July 04, 2023
Yesterday at a glance: Consumer Staples Select Sector SPDR Fund closed yesterday at $74.75 (with a daily low of $73.86) after ending Friday at $74.17 and gaining 0.78%.
At the same time, United States ISM Manufacturing PMI (Jun) released yesterday at 14:00 UTC with a figure of 46, while the previous figure was 46.9. United States ISM Manufacturing Employment (Jun) came out at 48.1, while a consensus of analysts was expecting 50.8. United States ISM Manufacturing Prices (Jun) released yesterday at 14:00 UTC with a figure of 41.8, while the previous figure was 44.2.
Analysis of Consumer Staples Select Sector SPDR Fund's recent price action suggests Consumer Staples Select Sector SPDR Fund could be slowing down soon as it approaches resistance at $75.05. Of course, crossing it might suggest further gains are ahead. Technical analysis trend indicators suggest that investors are seeking long positions as Consumer Staples Select Sector SPDR Fund price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. Price action overcame a known Fibonacci resistance level at $74.34 by around 40.662 cents with prices hammering out a $73.86 – $74.75 session range. Analysis based on the asset volatility indicates that Bollinger Band® analysis indicates that current price action is approaching the upper band at $75, thereby suggesting that Consumer Staples Select Sector SPDR Fund is becoming overvalued.
Notwithstanding Consumer Staples Select Sector SPDR Fund's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
Consumer Staples Select Sector SPDR Fund shows positive signs, other assets are also on par: Tesla is trading around $279.82 after ending yesterday's session at $261.77 (up 6.9% today). United Parcel Service is trading around $183.77 after ending yesterday's session at $179.25 (up 2.52% today).
Meanwhile, Astrazeneca PLC is down to $65.25, losing $6.32, after ending the previous session around $71.57.
Furthermore, the market is looking at United States FOMC Meeting Minutes is expected tomorrow at 18:00 UTC.
The fund has been trending positively for about a month. 2 months ago Consumer Staples Select Sector SPDR Fund reached a significant high of $77.5 but has consequently lost 4.3% since then.
