| 
March 07, 2023
A quick look at yesterday: after ending Friday at $36, Financial Select Sector SPDR Fund spiked to $36.24 yesterday, dropped back to starting point range, and rallied again to $36.02.
United States Fed Chair Powell testimony is next today at 15:00 UTC.
This uncertain state for Financial Select Sector SPDR Fund is reflected by published market data as United States Factory Orders beat the -1.8% projections, with -1.6%.
Financial Select Sector SPDR Fund made an initial breakout above its 21 day Simple Moving Average at $36.22, a potential indicator of a newly emerging bullish phase. Financial Select Sector SPDR Fund's upper Bollinger Band® is at $37.14 and the lower is $35.13. Financial Select Sector SPDR Fund is approaching key support, around 15 cents away from $35.87. 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.
Despite muted price action in Financial Select Sector SPDR Fund, chart analysis indicates it is positioned for a bullish run in the short term.
While Financial Select Sector SPDR Fund was pretty flat yesterday, mixed performances were seen elsewhere as notably, Merck rose 3.95% yesterday and closed at $106.88. Coca-Cola added 1.55% and closed around $59.44 yesterday. Rio Tinto lost 3.29% yesterday and closed at $75.18.
Data to be released today might clear up some of the market fog as tomorrow at 15:30 UTC data for United States Crude Oil Inventories will be released, with an expected decline to -308,000 from the preceding figure of 1.17 million. United States ADP Nonfarm Employment Change (Feb) is scheduled for tomorrow at 13:15 UTC. United States JOLTs Job Openings (Jan) is expected tomorrow at 15:00 UTC.
The fund has been trending positively for about 2 months. After hitting an important low of $30.29 approximately 4 months ago, Financial Select Sector SPDR Fund has bounced back 18.82% since.
