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June 30, 2023
A quick look at yesterday: after finishing Wednesday at $32.85, Financial Select Sector SPDR Fund went up to $33.42 before paring its losses and closing at $33.41.
Financial Select Sector SPDR Fund upside coincides with further encouraging market factors as United States GDP beat the 1.4 projections, with two. United States Initial Jobless Claims came out at 239,000, better than analyst estimates of 266,000 and improving upon the previous reading of 265,000.
On the flip side, United States Pending Home Sales fell short of the -0.5% projections, with new data of -2.7%.
Technical analysis trend indicators suggest that the MACD index is indicating that momentum is shifting from bearish to bullish following a positive crossover. When the MACD rises above the signal line, it is typically considered to be a bullish development favoring long positions. Asset volatility analysis shows that Financial Select Sector SPDR Fund's upper Bollinger Band® is at $33.67, this is a slight indication of a slowdown. Chart analysis indicates Financial Select Sector SPDR Fund is 16 cents away from testing key resistance at $33.57. Peaking above this level could inspire market bulls and open the path to further gains.
Notwithstanding Financial Select Sector SPDR Fund's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
Financial Select Sector SPDR Fund shows positive signs, other assets are also on par: notably, Wells Fargo & Company rose 4.51% yesterday and closed at $40.62. JP Morgan Chase went up by 3.49% yesterday, and closed at $143.43. Visa Inc. went up by 2.79% yesterday, and closed at $234.32.
Furthermore, the market is looking at United States Core PCE Price Index (MoM) (May) is expected today at 12:30 UTC.
The fund has been trending positively for about a month. Over the past 4 months, Financial Select Sector SPDR Fund has retreated 11.22% from a noteworthy peak of $37.
