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July 02, 2023
A quick look at Friday: with a daily low of $33.58, Financial Select Sector SPDR Fund closed Friday at $33.71, after ending Thursday at $33.42 and gaining 29 cents (0.87%).
Financial Select Sector SPDR Fund reversed direction at $33.85 resistance zone and retreated back 14 cents below it. Despite posting gains on Friday, Financial Select Sector SPDR Fund slid below its 200 day Simple Moving Average at $33.61 during the last session — an early indicator that a negative trend could be emerging. Financial Select Sector SPDR Fund's upper Bollinger Band® is at $33.81, this is a slight indication of a slowdown.
Technical analysis of Financial Select Sector SPDR Fund price action suggests it is likely to undergo a short-term reversal amid broader bullish sentiment.
Other markets are also showing gains as Novo Nordisk added 3.06% and closed around $157.03 Friday. Walmart went up by 1.88% Friday, and closed at $157.18.
At the same time, Nike is down to $110.37, losing $3, after ending the previous session around $113.37.
Furthermore, the market is looking at United States ISM Manufacturing PMI (Jun) scheduled to come out tomorrow at 14:00 UTC.
The fund has been trending positively for about a month. Financial Select Sector SPDR Fund has fallen back around 9.68% over the past 4 months, from a notable high of $37.
