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February 27, 2023
Today at a glance: Financial Select Sector SPDR Fund recovered back to $35.65 after dipping down to $35.58, in a session that followed Friday's $35.66 close value.
New United States Pending Home Sales improved upon the previous 1.1% figure while also exceeding analyst expectations with a reading of 8.1%.
This uncertain state for Financial Select Sector SPDR Fund is reflected by published market data as United States Pending Home Sales improved upon its previous reading of 1.1% with a new data release of 8.1%. Data for United States Core Durable Goods Orders published today at 13:30 UTC came out at 0.7%, beating projections of 0.1% and showing improvement over the preceding figure of -0.4%. Following a previous reading of 5.1%, Core Durable Goods Orders in United States released today at 13:30 UTC fell short of the -4% figure expected by analysts with an actual reading of -4.5%.
Financial Select Sector SPDR Fund made an initial break below its 5 day Simple Moving Average at $35.78, a possible indication of a forthcoming negative trend. In contrast, Financial Select Sector SPDR Fund is approaching key support, around 29 cents away from $35.36. 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's upper Bollinger Band® is at $37.26 and the lower is $35.44.
According to technical indicators, Financial Select Sector SPDR Fund is positioned for a downward move in the short term.
While Financial Select Sector SPDR Fund was pretty flat today, mixed performances were seen elsewhere as Union Pacific shoots up 10.09% today and closed at $192.72. Pfizer is down to $40.78, losing 97 cents, after ending the previous session around $41.75. Tesla added 5.46% and closed around $196.88 today.
Data to be released tomorrow might clear up some of the market fog as United States Consumer Confidence is projected to outperform its last figure with 108.5, having previously been at 107.1. The figure will be published tomorrow at 15:00 UTC.
The fund has been trending positively for about 2 months. 4 months ago, Financial Select Sector SPDR Fund fell to a low of $30.29 but has since recovered 17.73%.
