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May 20, 2023
Yesterday at a glance: without a clear direction, Consumer Staples Select Sector SPDR Fund closed at $75.92 while ranging between $75.58 and $76.12.
Uncertainty around Consumer Staples Select Sector SPDR Fund is reflected by published market data as United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 191,500, while the previous figure was 216,600. United States CFTC Gold speculative net positions released yesterday at 20:30 UTC with a figure of 179,800, while the previous figure was 195,800. United States CFTC Nasdaq 100 speculative net positions came out at 20,000.
Technical analysis of Consumer Staples Select Sector SPDR Fund's past price action reveals multiple support and resistance levels: Consumer Staples Select Sector SPDR Fund is currently alternating around $75.63 with price action moving above and below this key level throughout the session. With regards to technical trend indicators, chart analysis show that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Analysis based on the asset volatility indicates that Consumer Staples Select Sector SPDR Fund's upper Bollinger Band® is at $77.68 and the lower is $75.71.
With market volatility ebbing, the current technical outlook indicates Consumer Staples Select Sector SPDR Fund will remain range-bound for the immediate future.
While Consumer Staples Select Sector SPDR Fund was pretty flat yesterday, mixed performances were seen elsewhere as Nike is down to $114.76, losing $4.11, after ending the previous session around $118.87. Walt Disney lost 2.57% yesterday and closed at $93.76. After ending yesterday's session at $84.49, Morgan Stanley lost $2.25 and is trading around $82.24.
The fund has been trending positively for about 2 months. Consumer Staples Select Sector SPDR Fund has fallen back around 2.1% over the past 19 days, from a notable high of $77.5.
