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May 02, 2023
A quick look at today: a tough session dominated by bearish sentiment left XLP 21 cents lower, while setting a $76.52 to $77.45 session range.
Meanwhile, United States JOLTs Job Openings (Mar) came out at 9.59 million, while a consensus of analysts was expecting 9.78 million. United States ISM Manufacturing PMI (Apr) released yesterday at 14:00 UTC with a figure of 47.1, while the previous figure was 46.3. Fresh API Weekly Crude Oil Stock data from United States came out at -3.94 million.
Consumer Staples Select Sector SPDR Fund made an initial break below its 10 day Simple Moving Average at $76.61, a possible indication of a forthcoming negative trend. Consumer Staples Select Sector SPDR Fund's upper Bollinger Band® is at $77.79 which indicates a further downward move may follow. In contrast, Consumer Staples Select Sector SPDR Fund could begin to recover as it approaches significant support, now 58 cents away from $76.71. Dipping below could be an indication that further losses are ahead.
Following today's unexpected losses, extensive multifactorial technical analysis forecasts Consumer Staples Select Sector SPDR Fund to buck against its prevailing uptrend and begin to dip lower in the short term. With all probabilities considered, the Consumer Staples Select Sector SPDR Fund is expected to attract significant bearish sentiment in the coming days.
In the meantime, negative performances are also seen in other markets, after ending today's session at $40, BP lost $3.22 and is trading around $36.78. Chevron falls 4.31% today and closed at $167.24. Exxon Mobil is down to $110.1, losing $4.57, after ending the previous session around $114.67.
Moreover, United States Crude Oil Inventories is projected to outperform its last figure with -1.1 million. It previously stood at -5 million; data will be released tomorrow at 14:30 UTC.
Furthermore, United States Interest Rate figure is projected at 5.25. It previously stood at five; data will be released tomorrow at 18:00 UTC. United States Services PMI figure is projected at 53.7. It previously stood at 52.6; data will be released tomorrow at 13:45 UTC.
The fund has been trending positively for about a month. After hitting an important low of $66.5 approximately 6 months ago, Consumer Staples Select Sector SPDR Fund has bounced back 16.54% since.
