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June 11, 2023
Friday at a glance: Consumer Staples Select Sector SPDR Fund dipped as low as $72.83 before recovering some lost ground. However, the rebound failed to push the stock to where it started the session ($73) with Consumer Staples Select Sector SPDR Fund closing the day at $73.11.
Despite being in the red so far in the current trading session, Consumer Staples Select Sector SPDR Fund peaked above its 10 day Simple Moving Average around $73.04 — typically an early indicator of a new bullish trend beginning to emerge. Consumer Staples Select Sector SPDR Fund could begin to recover as it approaches significant support, now 53 cents away from $72.58. Dipping below could be an indication that further losses are ahead.
Overall, looking at the technical analysis landscape, it seems Consumer Staples Select Sector SPDR Fund might start pointing upward in the short term.
In the meantime, negative performances are also seen in other markets, ProLogis dips 2.88% Friday and closed at $124.91.
Other assets are showing positive performances as Adobe went up by 3.41% Friday, and closed at $454. Tesla went up by 4.06% Friday, and closed at $244.4.
The fund has been trending lower for about a month. Consumer Staples Select Sector SPDR Fund is now trading 5.51% below the significant high of $77.5 it set around a month ago.
