| 
June 14, 2023
A quick look at yesterday: after ending Monday at $33.14, Financial Select Sector SPDR Fund went up to $33.48 only to drop back, yet still traded well overall and closed at $33.34 yesterday.
United States Producer Price Index data will be released today at 12:30 UTC, with an expected decline to -0.1%.
At the same time, United States Consumer Price Index released yesterday at 12:30 UTC with a figure of 0.1%, while the previous figure was 0.4%. United States Consumer Price Index came out at 4%, while a consensus of analysts was expecting 4.1%. United States Core Consumer Prices came out at 0.4%, while a consensus of analysts was expecting 0.4%.
Technical chart analysis shows Financial Select Sector SPDR Fund is 18 cents away from testing key resistance at $33.52. Peaking above this level could inspire market bulls and open the path to further gains. Trend analysis indicates that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. Analysis based on the asset volatility indicates that Financial Select Sector SPDR Fund's upper Bollinger Band® is at $33.64, this is a slight indication of a slowdown.
Notwithstanding Financial Select Sector SPDR Fund's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
Other markets are also showing gains as Toyota is trading around $158.08 after ending yesterday's session at $149.59 (up 5.68% today). Linde went up by 3.11% yesterday, and closed at $373.26. Notably, Caterpillar rose 3.17% yesterday and closed at $237.9.
Yesterday's gains have given market bulls further impetus to expect strong macro data going forward, such as United States Crude Oil Inventories is projected to outperform its last figure with 1.48 million. It previously stood at -451,000; data will be released today at 14:30 UTC.
Furthermore, the market is looking at today at 12:30 UTC data for United States Producer Price Index will be released, with an expected decline to -0.1% from the preceding figure of 0.2%. Tomorrow at 12:30 UTC data for United States Retail Sales will be released, with an expected decline to -0.1% from the preceding figure of 0.4%.
The fund has been trending positively for about a month. 4 months ago Financial Select Sector SPDR Fund reached a significant high of $37 but has consequently lost 10.43% since then.
