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February 22, 2023
- Communication Services Select Sector SPDR Fund's downtrend is set to be challenged by looming key support at $53.8
- Health Care Select Sector SPDR Fund's upper Bollinger Band® is at $134.57 which indicates a further downward move may follow.
As the day gets underway, chart analysis suggests a persuasive break of this target could lead to higher losses.
Trend-following investors would be interested to note that Materials Select Sector SPDR Fund's CCI indicator has fallen below -100, meaning prices are unusually low compared to their long-term average. Materials Select Sector SPDR Fund bounced 7.362 cents away from Fibonacci support at $80.03. Asset volatility analysis shows that Materials Select Sector SPDR Fund's lower Bollinger Band® is at $80.09. As the trading day commences, technical analysis suggests a convincing break of this target could pave the way for deeper losses.
For the time being, Materials Select Sector SPDR Fund remains flat without a clear direction.
Trend and momentum analysis indicates that Health Care Select Sector SPDR Fund'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 $130.17, a low enough level to, generally, suggest that Health Care Select Sector SPDR Fund is trading below its fair value. As the trading day commences, technical analysis suggests Health Care Select Sector SPDR Fund's downtrend might be halted by its support level at $129.72, which is only 25 cents away.
For the time being, Health Care Select Sector SPDR Fund remains flat without a clear direction.
Fundamental indicators – United States Existing Home Sales (Jan) came out at 4 million, while a consensus of analysts was expecting 4 million.
Upcoming fundamentals: tomorrow at 16:00 UTC data for United States Crude Oil Inventories will be released, with an expected decline to 1.17 million from the preceding figure of 16.28 million.
