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May 16, 2023
A quick look at yesterday: Financial Select Sector SPDR Fund went up to $32.16 yesterday, gaining 0.82%.
United States Core Retail Sales data will be released today at 12:30 UTC, with an expected improvement to 0.4% (previous figure was -0.4%).
Meanwhile, United States TIC Net Long-Term Transactions (Mar) released yesterday at 20:00 UTC with a figure of 133.3 billion, while the previous figure was 56.6 billion. United States NY Empire State Manufacturing Index (May) came out at -31.8, while a consensus of analysts was expecting -3.7.
A study of Financial Select Sector SPDR Fund's chart reveals various key levels to watch: Financial Select Sector SPDR Fund could be slowing down soon; it is getting close to the resistance line and is now at $32.29, only 13 cents away. Crossing the resistance line could, however, suggest that further gains are ahead. Concerning technical analysis and more specifically, trend indicators, despite posting gains on yesterday, Financial Select Sector SPDR Fund slid below its 10 day Simple Moving Average at $32.19 during the last session — an early indicator that a negative trend could be emerging. Analysis based on the asset volatility indicates that Financial Select Sector SPDR Fund's lower Bollinger Band® is at $31.43, indicating that the market is oversold and fertile for new buyers.
Overall, the technical outlook suggests Financial Select Sector SPDR Fund is likely to remain muted for the immediate future, with no clear-cut direction.
Other markets are also showing gains as Wells Fargo & Company is trading around $38.77 after ending yesterday's session at $37.49 (up 3.41% today). General Electric surges 3.24% yesterday and closed at $98.8.
Meanwhile, Verizon is down to $36.77, losing 82 cents, after ending the previous session around $37.59.
Yesterday's gains have given market bulls further impetus to expect strong macro data going forward, such as United States Retail Sales is projected to outperform its last figure with 0.8%, having previously been at -0.6%. The figure will be published today at 12:30 UTC. United States Core Retail Sales is projected to outperform its last figure with 0.4%. It previously stood at -0.4%; data will be released today at 12:30 UTC.
Furthermore, the market is looking at projections for United States Crude Oil Inventories are set for a continuation of decline with -1.3 million while previous data was 2.95 million; data will be released tomorrow at 14:30 UTC.
Financial Select Sector SPDR Fund is now trading 13.78% below the significant high of $37 it set around 3 months ago.
