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May 19, 2023
Today at a glance: down on the day: Industrial Select Sector SPDR Fund closed at $99.78 after ranging between $99.27 and $100.89.
Industrial Select Sector SPDR Fund is currently trading at $99.78 following the release of Fed Chair Powell speech data from the United States.
On the flip side, highly important Initial Jobless Claims data from United States beat analyst expectations of 254,000 with a reading of 242,000.
Meanwhile, United States Existing Home Sales (Apr) released yesterday at 14:00 UTC with a figure of 4.28 million, while the previous figure was 4.43 million. United States Philadelphia Fed Manufacturing Index (May) came out at -10.4, while a consensus of analysts was expecting -19.8.
Price action remains constrained around the key Fibonacci level of $99.51 currently serving as support. If price action breaks below, the next Fib hurdle is $98.94. Industrial Select Sector SPDR Fund's upper Bollinger Band® is at $100.71 which indicates a further downward move may follow. On the other hand, note that Industrial Select Sector SPDR Fund could begin to recover as it approaches significant support, now 71 cents away from $99.07. Dipping below could be an indication that further losses are ahead.
Following today's unexpected losses, extensive multifactorial technical analysis forecasts Industrial Select Sector SPDR Fund to buck against its prevailing uptrend and begin to dip lower in the short term. With all probabilities considered, the Industrial Select Sector SPDR Fund is expected to attract significant bearish sentiment in the coming days.
In the meantime, negative performances are also seen in other markets, Nike lost 3.46% today and closed at $118.87. Walt Disney is down to $91.35, losing $2.41, after ending the previous session around $93.76. Morgan Stanley lost 2.66% today and closed at $84.49.
Having set a significant low of $82.84 7 months ago, Industrial Select Sector SPDR Fund is trading 20.74% higher.
