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March 02, 2023
A quick look at today: Industrial Select Sector SPDR Fund went up to $102.56 today, gaining 1.17%.
Industrial Select Sector SPDR Fund upside coincides with further encouraging market factors as highly important Initial Jobless Claims data from United States beat analyst expectations of 195,000 with a reading of 190,000. United States Crude Oil Inventories beat the 457,000 projections, with 1.17 million.
Meanwhile, United States ISM Manufacturing PMI (Feb) released yesterday at 15:00 UTC with a figure of 47.7, while the previous figure was 47.4.
Trend-following investors would be interested to note that Industrial Select Sector SPDR Fund made an initial breakout above its 21 day Simple Moving Average at $102.03, a potential indicator of a newly emerging bullish phase. Crossed the $101.19 Fibonacci level, next level is at $103.39. According to asset volatility analysis, Bollinger Band® analysis indicates that current price action is approaching the upper band at $103.92, thereby suggesting that Industrial Select Sector SPDR Fund is becoming overvalued. Industrial Select Sector SPDR Fund chart analysis: Industrial Select Sector SPDR Fund could be slowing down soon as it approaches resistance at $103.29. Of course, crossing it might suggest further gains are ahead.
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 Salesforce is trading around $186.59 after ending today's session at $167.35 (up 11.5% today). NextEra Energy went up by 3.35% today, and closed at $72.21.
At the same time, Tesla dips 5.85% today and closed at $202.77.
Furthermore, the market is looking at United States ISM Non-Manufacturing PMI (Feb) will be released tomorrow at 15:00 UTC.
The fund has been trending positively for about a month. Industrial Select Sector SPDR Fund hit a significant low of $82.84 around 5 months ago, but has since recovered 22.37%.
