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May 16, 2023
Yesterday at a glance: with a daily low of $98.1, Industrial Select Sector SPDR Fund closed yesterday at $98.96, after ending Friday at $98.48 and gaining 48 cents (0.49%).
At the same time, United States TIC Net Long-Term Transactions (Mar) released yesterday at 20:00 UTC with a figure of 133.3 billion, while the previous figure was 56.6 billion. United States NY Empire State Manufacturing Index (May) came out at -31.8, while a consensus of analysts was expecting -3.7.
Industrial Select Sector SPDR Fund made an initial breakout above its 10 day Simple Moving Average at $99.11, a potential indicator of a newly emerging bullish phase. Industrial Select Sector SPDR Fund's lower Bollinger Band® is at $97.38, indicating that the market is oversold and fertile for new buyers. In contrast, although Industrial Select Sector SPDR Fund is appreciating today after rising as high as $99.29, price action is now slowing and consolidating around 51 cents below the $99.47 resistance level.
Overall, looking at the technical analysis landscape, it seems Industrial Select Sector SPDR Fund might continue pointing upwards in the short term.
Industrial Select Sector SPDR Fund shows positive signs, other assets are also on par: notably, Wells Fargo & Company rose 3.41% yesterday and closed at $37.49. General Electric leaps up 3.24% yesterday and closed at $98.8.
Meanwhile, Verizon is down to $36.77, losing 82 cents, after ending the previous session around $37.59.
Yesterday's gains have given market bulls further impetus to expect strong macro data going forward, such as United States Retail Sales is projected to outperform its last figure with 0.8%, having previously been at -0.6%. The figure will be published today at 12:30 UTC. United States Core Retail Sales is projected to outperform its last figure with 0.4%. It previously stood at -0.4%; data will be released today at 12:30 UTC.
Also worthy of note, United States Crude Oil Inventories projected to come out at -1.3 million — worse than previous data of 2.95 million; data will be released tomorrow at 14:30 UTC.
Having soared to a high of $103.67 approximately 2 months ago, Industrial Select Sector SPDR Fund is now trading 5% lower.
