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June 06, 2023
Financial Select Sector SPDR Fund trades at $32.97 after gaining 34 cents (1.04%).
United States EIA Short-Term Energy Outlook is next today at 16:00 UTC.
At the same time, United States ISM Non-Manufacturing PMI (May) released yesterday at 14:00 UTC with a figure of 50.3, while the previous figure was 51.9. United States Services PMI came out at 54.9, while a consensus of analysts was expecting 55.1. Following a previous reading of 0.6%, Factory Orders in United States released yesterday at 14:00 UTC fell short of the 1.1% figure expected by analysts with an actual reading of 0.4%.
Trend-following investors would be interested to note that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. According to asset volatility analysis, Financial Select Sector SPDR Fund's upper Bollinger Band® is at $32.97, this is a slight indication of a slowdown. As the trading day commences, technical analysis suggests Financial Select Sector SPDR Fund broke through the $32.82 resistance, climbing 15 cents above it.
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 Novo Nordisk is up 2.33% to $161.53. American Express is up 2.33%.
At the same time, McDonald's falls 1.52% to trade around $284.05.
Also worthy of note, United States Crude Oil Inventories projected to come out at 1.15 million — worse than previous data of 4.49 million; data will be released tomorrow at 14:30 UTC.
The market is looking forward to the release of new data: United States EIA Short-Term Energy Outlook will be released today at 16:00 UTC.
Trading mostly sideways for a month. Financial Select Sector SPDR Fund is now trading 9.41% below its 3-month high of $37.
