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May 12, 2023
A quick look at yesterday: a tough session dominated by bearish sentiment left XLI 59 cents lower, while setting a $97.86 to $98.62 session range.
United States Producer Price Index released earlier showed a marked improvement to 0.2% from the preceding data of -0.4%, but fell short of the 0.3% figure forecast by a consensus of market analysts. Following a previous reading of 242,000, Initial Jobless Claims in United States released yesterday at 12:30 UTC fell short of the 245,000 figure expected by analysts with an actual reading of 264,000.
While price action maintains a negative bias, United States Fed's Balance Sheet released yesterday at 20:30 UTC with a figure of 8.50 trillion, while the previous figure was 8.50 trillion.
Industrial Select Sector SPDR Fund could begin to recover as it approaches significant support, now 44 cents away from $97.97. Dipping below could be an indication that further losses are ahead. Bollinger Bands® shows an indication of recovery: the lower band is at $97.4, a low enough level to, generally, suggest that Industrial Select Sector SPDR Fund is trading below its fair value.
Despite suffering losses in today's session, technical analysis is indicating that Industrial Select Sector SPDR Fund will undergo a significant bounce in the immediate term.
In the meantime, negative performances are also seen in other markets, after ending yesterday's session at $101.14, Walt Disney lost $8.83 and is trading around $92.31.
Positive performances can be seen by looking at other markets as Alibaba shoots up 5.96% yesterday and closed at $82.95. Alphabet is trading around $116.9 after ending yesterday's session at $112.28 (up 4.11% today).
Industrial Select Sector SPDR Fund is now trading 19.52% above the significant low ($82.84) it slumped to 7 months ago.
