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June 22, 2023
Yesterday at a glance: Industrial Select Sector SPDR Fund closed yesterday at $104.83 (with a daily low of $103.49) after ending Tuesday at $104.25 and gaining 0.56%.
United States Initial Jobless Claims data will be released today at 12:30 UTC, with an expected improvement to 260,000 (previous figure was 262,000).
Meanwhile, United States API Weekly Crude Oil Stock came out at -1.25 million, while a consensus of analysts was expecting -433,000. United States 20-Year Bond Auction released yesterday at 17:00 UTC with a figure of 4.01, while the previous figure was 3.954.
Industrial Select Sector SPDR Fund made an initial breakout above its 5 day Simple Moving Average at $104.74, a potential indicator of a newly emerging bullish phase. When "Bullish Engulfing” is detected at the bottom of a bearish trend, it is typically indicative of a trend reversal. Despite this, Industrial Select Sector SPDR Fund could be slowing down soon as it approaches resistance at $105.47. Of course, crossing it might suggest further gains are ahead.
Following today's unexpected gains, extensive multifactorial technical analysis forecasts Industrial Select Sector SPDR Fund to buck against its prevailing downtrend and begin to turn higher in the short term. With all probabilities considered, the Industrial Select Sector SPDR Fund is expected to pick up significant bullish sentiment in the coming days.
Meanwhile, Intel is down to $32.9, losing $2.1, after ending the previous session around $35. Tesla falls 5.46% yesterday and closed at $274.45. AMD lost 5.73% yesterday and closed at $118.93.
Yesterday's gains have given market bulls further impetus to expect strong macro data going forward, such as United States Initial Jobless Claims is projected to outperform its last figure with 260,000. It previously stood at 262,000; data will be released today at 12:30 UTC.
Furthermore, the market is looking at today at 15:00 UTC data for United States Crude Oil Inventories will be released, with an expected decline to 1.87 million from the preceding figure of 7.92 million.
Elsewhere, United States Services PMI figure is projected at 54. It previously stood at 54.9; data will be released tomorrow at 13:45 UTC.
Having soared to a high of $105.62 approximately 7 days ago, Industrial Select Sector SPDR Fund is now trading 1.3% lower.
