XLI ascends to $100 after adding 0.97% Friday

A quick look at Friday: a bright session dominated by bullish sentiment helped XLI to close 96 cents higher, while setting a $98.92 to $100.16 session range.

Concerning technical analysis and more specifically, trend indicators, Industrial Select Sector SPDR Fund made an initial breakout above its 50 day Simple Moving Average at $99.9, a potential indicator of a newly emerging bullish phase. Price action overcame a known Fibonacci resistance level at $99.57 by around 43.352 cents with prices hammering out a $98.92 – $100.16 session range. Analysis based on the asset volatility indicates that Bollinger Band® analysis indicates that current price action is approaching the upper band at $102.02, thereby suggesting that Industrial Select Sector SPDR Fund is becoming overvalued. Support/Resistance levels obtained from chart analysis indicate that although Industrial Select Sector SPDR Fund is appreciating today after rising as high as $100.16, price action is now slowing and consolidating around 47 cents below the $100.47 resistance level.

Notwithstanding Industrial Select Sector SPDR Fund's appreciation in recent days, the technical outlook suggests its bullish run is now fading.

Other markets are also showing gains as Mondelez International added 3.93% and closed around $73.82 Friday.

At the same time, after ending Friday's session at $56.09, Sanofi lost $2.44 and is trading around $53.65. After ending Friday's session at $95.09, Sony Group Corporation lost $5.42 and is trading around $89.67.

Furthermore, the market is looking at United States ISM Manufacturing PMI (Apr) will be released tomorrow at 14:00 UTC.

A month ago Industrial Select Sector SPDR Fund reached a significant high of $103.67 but has consequently lost 4.47% since then.