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July 04, 2023
Yesterday at a glance: Financial Select Sector SPDR Fund went up to $33.9 yesterday, gaining 0.56%.
Meanwhile, United States ISM Manufacturing PMI (Jun) came out at 46, while a consensus of analysts was expecting 47.2. United States ISM Manufacturing Employment (Jun) released yesterday at 14:00 UTC with a figure of 48.1, while the previous figure was 51.4. United States ISM Manufacturing Prices (Jun) released yesterday at 14:00 UTC with a figure of 41.8, while the previous figure was 44.2.
Chart analysis indicates Financial Select Sector SPDR Fund could be slowing down soon as it approaches resistance at $34.05. Of course, crossing it might suggest further gains are ahead. Technical analysis trend indicators suggest that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. Asset volatility analysis shows that Financial Select Sector SPDR Fund's upper Bollinger Band® is at $33.94, 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.
Financial Select Sector SPDR Fund shows positive signs, other assets are also on par: Tesla went up by 6.9% yesterday, and closed at $279.82. United Parcel Service added 2.52% and closed around $179.25 yesterday.
At the same time, Astrazeneca PLC lost 8.83% yesterday and closed at $71.57.
The market is looking forward to the release of new data: United States FOMC Meeting Minutes is scheduled for tomorrow at 18:00 UTC.
The fund has been trending positively for about 2 months. Financial Select Sector SPDR Fund has fallen back around 8.89% over the past 4 months, from a notable high of $37.
