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June 19, 2023
A quick look at Friday: down on the day: Financial Select Sector SPDR Fund closed at $33.58 after ranging between $33.54 and $33.83.
Financial Select Sector SPDR Fund made an initial break below its 200 day Simple Moving Average at $33.63, a possible indication of a forthcoming negative trend. Financial Select Sector SPDR Fund's upper Bollinger Band® is at $34 which indicates a further downward move may follow. Despite this, Financial Select Sector SPDR Fund could begin to recover as it approaches significant support, now 11 cents away from $33.47. Dipping below could be an indication that further losses are ahead.
In general, examining the technical analysis landscape, although indicators are mixed further drawbacks may be next for Financial Select Sector SPDR Fund.
In the meantime, negative performances are also seen in other markets, after ending Friday's session at $168.18, Toyota lost $3.83 and is trading around $164.35. Walt Disney falls 1.74% Friday and closed at $92.94.
Other assets are showing positive performances as Bristol-Myers Squibb Company is trading around $66.16 after ending Friday's session at $64.67 (up 2.3% today).
Furthermore, United States Building Permits (May) is expected tomorrow at 12:30 UTC.
The fund has been trending positively for about a month. Financial Select Sector SPDR Fund now trading 8.37% above its 3-month low of $30.29.
