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April 22, 2023
A quick look at yesterday: with a daily low of $76.41, Consumer Staples Select Sector SPDR Fund closed yesterday at $76.57, after ending Thursday at $76 and gaining 57 cents (0.72%).
Meanwhile, United States Services PMI came out at 53.7, while a consensus of analysts was expecting 51.5. United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 244,600, while the previous figure was 235,600. Fresh CFTC Gold speculative net positions data from United States came out at 189,900.
Support/Resistance levels obtained from chart analysis indicate that although Consumer Staples Select Sector SPDR Fund is appreciating today after rising as high as $76.97, price action is now slowing and consolidating around 32 cents below the $76.89 resistance level. Trend analysis indicates that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. According to momentum evaluation, the Relative Strength Index indicates Consumer Staples Select Sector SPDR Fund is currently 'overbought' which suggests new gains will be harder to obtain. Asset volatility analysis shows that Consumer Staples Select Sector SPDR Fund's upper Bollinger Band® is at $76.95, this is a slight indication of a slowdown.
Overall, while Consumer Staples Select Sector SPDR Fund has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
Consumer Staples Select Sector SPDR Fund shows positive signs, other assets are also on par: Procter & Gamble went up by 3.46% yesterday, and closed at $156.07. Novo Nordisk surges 4.4% yesterday and closed at $165.37. SAP is trading around $133.95 after ending yesterday's session at $126.86 (up 5.59% today).
The fund has been trending positively for about a month. Consumer Staples Select Sector SPDR Fund hit a significant low of $66.5 around 6 months ago, but has since recovered 14.32%.
