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February 25, 2023
Yesterday at a glance: Financial Select Sector SPDR Fund recovered back to $35.66 after dipping down to $35.26, in a session that followed Thursday's $35.63 close value.
This uncertain state for Financial Select Sector SPDR Fund is reflected by published market data as United States New Home Sales (Jan) released yesterday at 15:00 UTC with a figure of 670,000, while the previous figure was 625,000. United States Core PCE Price Index (MoM) (Jan) came out at 0.6, while a consensus of analysts was expecting 0.4. United States CFTC S&P 500 speculative net positions released yesterday at 20:30 UTC with a figure of -222,300, while the previous figure was -209,000.
Financial Select Sector SPDR Fund is approaching key support, around 61 cents away from $35.05. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls. Financial Select Sector SPDR Fund made an initial breakout above its 50 day Simple Moving Average at $35.44, a potential indicator of a newly emerging bullish phase. Financial Select Sector SPDR Fund's upper Bollinger Band® is at $37.26 and the lower is $35.44.
Overall, looking at the technical analysis landscape, it seems Financial Select Sector SPDR Fund might be pointing upward in the short term.
While Financial Select Sector SPDR Fund was pretty flat yesterday, mixed performances were seen elsewhere as Linde skyrockets 4.75% yesterday and closed at $331.89. Adobe is down to $320.54, losing $26.46, after ending the previous session around $347. Alibaba is down to $89, losing $5.16, after ending the previous session around $94.16.
The fund has been trending positively for about 2 months. Financial Select Sector SPDR Fund has recovered 17.63% since descending to a significant low of $30.29 around 4 months ago.
