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February 27, 2023
A quick look at Friday: a tough session dominated by bearish sentiment left XLI 58 cents lower, while setting a $99.4 to $100.47 session range.
Trend-following investors would be interested to note that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Asset volatility analysis shows that Industrial Select Sector SPDR Fund's lower Bollinger Band® is at $99.77, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. A study of Industrial Select Sector SPDR Fund's historical price actions shows Industrial Select Sector SPDR Fund could begin to recover as it approaches significant support, now 66 cents away from $99.65. Dipping below could be an indication that further losses are ahead.
With market volatility ebbing, the current technical outlook indicates Industrial Select Sector SPDR Fund will remain range-bound for the immediate future.
In the meantime, negative performances are also seen in other markets, after ending Friday's session at $347, Adobe lost $26.46 and is trading around $320.54. Alibaba lost 5.48% Friday and closed at $94.16.
Positive performances can be seen by looking at other markets as Linde skyrockets 4.75% Friday and closed at $331.89.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as United States Pending Home Sales expected to decline to 1% while its preceding data was 2.5%, data will be available today at 15:00 UTC.
Some optimism can drawn from the fact that United States Core Durable Goods Orders is projected to outperform its last figure with 0.1%, having previously been at -0.2%. The figure will be published today at 13:30 UTC. United States Consumer Confidence is projected to outperform its last figure with 108.5. It previously stood at 107.1; data will be released tomorrow at 15:00 UTC.
Trading mostly sideways for a month. Industrial Select Sector SPDR Fund hit a significant low of $82.84 around 4 months ago, but has since recovered 21.79%.
