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May 04, 2023
A quick look at yesterday: after ending Tuesday at $99.49, Industrial Select Sector SPDR Fund went up to $100.51 only to drop back to its starting point and close at $99.11.
Industrial Select Sector SPDR Fund is currently trading at $99.11 following the release of FOMC Press Conference data from the United States.
Highly important Crude Oil Inventories data from United States beat analyst expectations of -1.1 million with a reading of -1.28 million.
Amid the market gloom, United States Interest Rate came out at 5.25, while a consensus of analysts was expecting 5.25. United States ISM Non-Manufacturing PMI (Apr) released yesterday at 14:00 UTC with a figure of 51.9, while the previous figure was 51.2.
Visual analysis of Industrial Select Sector SPDR Fund's chart shows that Industrial Select Sector SPDR Fund could begin to recover as it approaches significant support, now 52 cents away from $98.59. Dipping below could be an indication that further losses are ahead. Trend and momentum analysis indicates that Industrial Select Sector SPDR Fund made an initial break below its 50 day Simple Moving Average at $99.73, a possible indication of a forthcoming negative trend. Price action pushed below a known Fibonacci support level at $99.57 by around 45.648 cents with prices hammering out a $99.04 – $100.51 range by session close. Analysis based on the asset volatility indicates that Industrial Select Sector SPDR Fund's lower Bollinger Band® is at $97.57, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
All in all, the technical analysis suggests Industrial Select Sector SPDR Fund has no clear-cut direction.
In the meantime, negative performances are also seen in other markets, Starbucks tumbles 9.17% yesterday and closed at $114.46. AMD is down to $81.62, losing $8.29, after ending the previous session around $89.91.
Other assets are showing positive performances as Eli Lilly and Company is trading around $431.19 after ending yesterday's session at $404.2 (up 6.68% today).
Looking ahead, ongoing depreciation may be prolonged as as things stand, upcoming United States Non Farm Payrolls data is projected to fall short of market expectations with newly published data of 180,000, following on from the preceding figure of 236,000. New data is set to be published tomorrow at 12:30 UTC. United States Initial Jobless Claims projected to come out at 240,000 — worse than previous data of 230,000; data will be released today at 12:30 UTC. United States Unemployment Rate expected to decline to 3.6 while its preceding data was 3.5, data will be available tomorrow at 12:30 UTC.
Industrial Select Sector SPDR Fund has recovered 20.1% since descending to a significant low of $82.84 around 7 months ago.
