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May 06, 2023
A quick look at yesterday: Consumer Staples Select Sector SPDR Fund went up to $77.18 yesterday, gaining 0.93%.
This move comes while some more positive signs for Consumer Staples Select Sector SPDR Fund are out as data for United States Average Hourly Earnings published yesterday at 12:30 UTC came out at 0.5%, beating projections of 0.3% and showing improvement over the preceding figure of 0.3%. Data for United States Non Farm Payrolls published yesterday at 12:30 UTC came out at 253,000, beating projections of 180,000 and showing improvement over the preceding figure of 165,000. Highly important Unemployment Rate data from United States beat analyst expectations of 3.6 with a reading of 3.4.
Concerning technical analysis and more specifically, trend indicators, Consumer Staples Select Sector SPDR Fund made an initial breakout above its 10 day Simple Moving Average at $76.88, a potential indicator of a newly emerging bullish phase. Price action overcame a known Fibonacci resistance level at $76.88 by around 30 cents with prices hammering out a $76.5 – $77.23 session range. According to asset volatility analysis, Consumer Staples Select Sector SPDR Fund's upper Bollinger Band® is at $77.86, this is a slight indication of a slowdown. Analysis of Consumer Staples Select Sector SPDR Fund's recent price action suggests Consumer Staples Select Sector SPDR Fund is 26 cents away from testing key resistance at $77.44. Peaking above this level could inspire market bulls and open the path to further gains.
Overall, the technical outlook suggests Consumer Staples Select Sector SPDR Fund is likely to remain muted for the immediate future, with no clear-cut direction.
Consumer Staples Select Sector SPDR Fund shows positive signs, other assets are also on par: Apple leaps up 4.69% yesterday and closed at $165.79. Walt Disney added 3.15% and closed around $97.45 yesterday. BHP Billiton surges 4.49% yesterday and closed at $58.18.
The fund has been trending positively for about a month. Consumer Staples Select Sector SPDR Fund is now trading 1.33% below the significant high of $77.5 it set around 5 days ago.
