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April 15, 2023
A quick look at yesterday: Financial Select Sector SPDR Fund went up to $32.88 yesterday, gaining 0.98%.
Nevertheless, highly important Core Retail Sales data from United States beat analyst expectations of -0.3% with a reading of -0.8%. Highly important Retail Sales data from United States beat analyst expectations of -0.4% with a reading of -1%.
At the same time, United States CFTC S&P 500 speculative net positions released yesterday at 20:30 UTC with a figure of -307,600, while the previous figure was -321,500.
Technical analysis of Financial Select Sector SPDR Fund's past price action reveals multiple support and resistance levels: after reaching the known resistance zone beginning at $33.11, Financial Select Sector SPDR Fund price action retreated approximately 23 cents. Concerning technical analysis and more specifically, trend indicators, the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. Asset volatility analysis shows that Bollinger Band® analysis indicates that current price action is approaching the upper band at $33, thereby suggesting that Financial Select Sector SPDR Fund is becoming overvalued.
Overall, while Financial Select Sector SPDR Fund has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
Other markets are also showing gains as JP Morgan Chase explodes 7.55% yesterday and closed at $129. BlackRock went up by 3.07% yesterday, and closed at $691.33.
Meanwhile, Boeing lost 5.56% yesterday and closed at $213.59.
Financial Select Sector SPDR Fund has shed 9.05% over the past three months.
