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April 26, 2023
A quick look at yesterday: a tough session dominated by bearish sentiment left XLI $1.85 lower, while setting a $98.92 to $100.29 session range.
Core Durable Goods Orders data from United States will be released today at 12:30 UTC with analysts expecting a decline to -0.2%. Potentially significant price fluctuations in Industrial Select Sector SPDR Fund are expected to follow.
United States Consumer Confidence fell short of the 104 projections, with new data of 101.3.
While price action maintains a negative bias, United States New Home Sales (Mar) released yesterday at 14:00 UTC with a figure of 683,000, while the previous figure was 623,000. United States Building Permits came out at 1.43 million, while a consensus of analysts was expecting 1.41 million.
Trend and momentum analysis indicates that Industrial Select Sector SPDR Fund made an initial break below its 21 day Simple Moving Average at $99.61, a possible indication of a forthcoming negative trend. Industrial Select Sector SPDR Fund is currently flirting with an active Fibonacci support level around $99.57. According to asset volatility analysis, Industrial Select Sector SPDR Fund's lower Bollinger Band® is at $97.72, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. Industrial Select Sector SPDR Fund chart analysis: Industrial Select Sector SPDR Fund could begin to recover as it approaches significant support, now 48 cents away from $98.51. Dipping below could be an indication that further losses are ahead.
Overall, the technical outlook suggests Industrial Select Sector SPDR Fund is likely to remain muted for the immediate future, with no clear-cut direction.
In the meantime, negative performances are also seen in other markets, United Parcel Service lost 10% yesterday and closed at $195.85. After ending yesterday's session at $574.3, Thermo Fisher Scientific lost $25.92 and is trading around $548.38.
Other assets are showing positive performances as notably, Novartis rose 3.43% yesterday and closed at $100.59.
Looking ahead, ongoing depreciation may be prolonged as United States Core Durable Goods Orders projected to come out at -0.2% — worse than previous data of -0.1%; data will be released today at 12:30 UTC. Tomorrow at 14:00 UTC data for United States Pending Home Sales will be released, with an expected decline to 0.5% from the preceding figure of 0.8%.
Some optimism can drawn from the fact that United States Crude Oil Inventories is projected to outperform its last figure with -1.49 million. It previously stood at -4.58 million; data will be released today at 14:30 UTC.
6 months ago, Industrial Select Sector SPDR Fund fell to a low of $82.84 but has since recovered 21.74%.
