XLP closed at $76.71 after losing 0.31% yesterday

A quick look at yesterday: Consumer Staples Select Sector SPDR Fund dipped as low as $76.57 before recovering some lost ground. However, the rebound failed to push the stock to where it started the session ($76.96) with Consumer Staples Select Sector SPDR Fund closing the day at $76.71.

United States Core Consumer Prices is next today at 12:30 UTC.

While price action maintains a negative bias, United States API Weekly Crude Oil Stock released yesterday at 20:30 UTC with a figure of 3.62 million, while the previous figure was -3.94 million. Fresh 3-Year Note Auction data from United States came out at 3.695.

Consumer Staples Select Sector SPDR Fund made an initial break below its 5 day Simple Moving Average at $76.91, a possible indication of a forthcoming negative trend. Consumer Staples Select Sector SPDR Fund's upper Bollinger Band® is at $77.8 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 18 cents away from $76.53. Dipping below could be an indication that further losses are ahead.

Several technical indicators are adding weight to the bearish momentum seen yesterday and forecasting Consumer Staples Select Sector SPDR Fund to extend its recent losses.

In the meantime, negative performances are also seen in other markets, after ending yesterday's session at $40.59, Comcast lost 97 cents and is trading around $39.62.

Other assets are showing positive performances as Toyota is trading around $140.85 after ending yesterday's session at $137.81 (up 2.21% today). Boeing jumps 2.34% yesterday and closed at $197.26.

In addition, United States Producer Price Index is projected to outperform its last figure with 0.3%. It previously stood at -0.5%; data will be released tomorrow at 12:30 UTC. United States Crude Oil Inventories is projected to outperform its last figure with -917,000. It previously stood at -1.28 million; data will be released today at 14:30 UTC.

Furthermore, United States Consumer Price Index figure is projected at 0.4%. It previously stood at 0.1%; data will be released today at 12:30 UTC.

The fund has been trending positively for about 2 months. Consumer Staples Select Sector SPDR Fund is now trading 0.71% below the significant high of $77.5 it set around 9 days ago.