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May 09, 2023
- SPDR Portfolio Intermediate Term Corporate Bond ETF bearish trend is facing a possible turning point at $32.3
- SPDR Portfolio Intermediate Term Corporate Bond ETF's upper Bollinger Band® is at $32.67 which indicates a further downward move may follow.
Trend-focused traders would be interested to note that SPDR Portfolio Intermediate Term Corporate Bond ETF's CCI indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Asset volatility analysis shows that Bollinger Bands® shows an indication of recovery: the lower band is at $32.26, a low enough level to, generally, suggest that SPDR Portfolio Intermediate Term Corporate Bond ETF is trading below its fair value. Technical analysis of SPDR Portfolio Intermediate Term Corporate Bond ETF's past price action reveals multiple support and resistance levels: SPDR Portfolio Intermediate Term Corporate Bond ETF's downtrend might be halted by its support level at $32.3, which is only 2 cents away.
For the time being, SPDR Portfolio Intermediate Term Corporate Bond ETF remains flat without a clear direction.
Around $69.21, Utilities Select Sector SPDR Fund can look to establish a new bullish phase beyond its 21 day Simple Moving Average. Utilities Select Sector SPDR Fund's lower Bollinger Band® is at $68.04, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. Utilities Select Sector SPDR Fund is eyeing the $68.45 support line. On the other hand, note that 'Bearish Harami' is a candlestick chart indicator used for detecting reversals within a prevailing bull trend. It is generally indicated by a small price decrease that's contained within a broader upward price movement and is commonly associated with a bullish trend coming to an end.
Despite suffering losses in today's session, technical analysis is indicating that Utilities Select Sector SPDR Fund will undergo a significant bounce in the immediate term.
Despite this, Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF's recent run now faces a major challenge as concentrated supply is likely found at $14.09 with price action currently 13 cents away.
Upcoming fundamentals: United States Consumer Price Index is expected tomorrow at 12:30 UTC.
