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March 02, 2023
Yesterday at a glance: Financial Select Sector SPDR Fund slid down from $35.72 to $35.6, taking a 12 cents loss (0.34%)
Initial Jobless Claims data from United States will be released today at 13:30 UTC with analysts expecting a decline to 195,000. Potentially significant price fluctuations in Financial Select Sector SPDR Fund are expected to follow.
In contrast, positive data for Financial Select Sector SPDR Fund reported earlier when data from United States concerning Crude Oil Inventories was released yesterday at 15:30 UTC. Newly published figures emphasized continued decline from last month's figure of 7.65 million to 1.17 million this month.
Meanwhile, United States ISM Manufacturing PMI (Feb) came out at 47.7, while a consensus of analysts was expecting 48. United States Cushing Crude Oil Inventories released yesterday at 15:30 UTC with a figure of 307,000, while the previous figure was 700,000.
Concerning technical analysis and more specifically, trend indicators, Financial Select Sector SPDR Fund made an initial break below its 50 day Simple Moving Average at $35.49, a possible indication of a forthcoming negative trend. According to asset volatility analysis, Bollinger Bands® shows an indication of recovery: the lower band is at $35.21, a low enough level to, generally, suggest that Financial Select Sector SPDR Fund is trading below its fair value. Technical analysis shows that Financial Select Sector SPDR Fund could begin to recover as it approaches significant support, now 15 cents away from $35.45. Dipping below could be an indication that further losses are ahead.
All in all, the technical analysis suggests Financial Select Sector SPDR Fund has no clear-cut direction.
In the meantime, negative performances are also seen in other markets, Lowe's drops 5.56% yesterday and closed at $205.75. Royal Bank Of Canada is down to $98.33, losing $3.15, after ending the previous session around $101.48.
Other assets are showing positive performances as Caterpillar added 3.81% and closed around $239.55 yesterday.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as projections for United States Initial Jobless Claims are set for a continuation of decline with 195,000 while previous data was 192,000; data will be released today at 13:30 UTC.
Furthermore, United States ISM Non-Manufacturing PMI (Feb) is scheduled for tomorrow at 15:00 UTC.
The fund has been trending positively for about 2 months. Financial Select Sector SPDR Fund hit a significant low of $30.29 around 4 months ago, but has since recovered 17.93%.
