XLI closed at $99.04 after losing 1.82% yesterday

A quick look at yesterday: Industrial Select Sector SPDR Fund slid into the red after losing $1.84 and ending the session at $99.04.

Data from United States concerning Unemployment Rate was released yesterday at 13:30 UTC. Newly published figures emphasized continued decline from last month's figure of 3.4 to 3.6 this month.

On the flip side, United States Non Farm Payrolls beat the 205,000 projections, with 311,000.

Amid the market gloom, United States CFTC Gold speculative net positions released yesterday at 20:30 UTC with a figure of 107,100, while the previous figure was 128,800.

Industrial Select Sector SPDR Fund could begin to recover as it approaches significant support, now 99 cents away from $98.05. Dipping below could be an indication that further losses are ahead. Despite being in the red so far in the current trading session, Industrial Select Sector SPDR Fund peaked above its 50 day Simple Moving Average around $101.14 — typically an early indicator of a new bullish trend beginning to emerge. Industrial Select Sector SPDR Fund's lower Bollinger Band® is at $98.93, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. On the other hand, note that price action remains constrained around the key Fibonacci level of $99 currently serving as support. If price action breaks below, the next Fib hurdle is $97.63.

Overall, looking at the technical analysis landscape, it seems Industrial Select Sector SPDR Fund —which is currently on a downtrend— might reverse course and start pointing upward in the short term.

In the meantime, negative performances are also seen in other markets, The Charles Schwab is down to $58.7, losing $7.77, after ending the previous session around $66.47. Caterpillar is down to $227, losing $13.96, after ending the previous session around $240.96. Deere & Company is down to $395.93, losing $25.49, after ending the previous session around $421.42.

Industrial Select Sector SPDR Fund hit a significant low of $82.84 around 5 months ago, but has since recovered 21.78%.