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May 17, 2023
A quick look at yesterday: Consumer Staples Select Sector SPDR Fund slid into the red after losing 65 cents and ending the session at $76.28.
United States Building Permits (Apr) is next today at 12:30 UTC.
Highly important Retail Sales data from United States beat analyst expectations of 0.8% with a reading of 0.4%.
On the flip side, highly important Core Retail Sales data from United States beat analyst expectations of 0.4% with a reading of 0.4%.
Amid the market gloom, United States API Weekly Crude Oil Stock released yesterday at 20:30 UTC with a figure of 3.69 million, while the previous figure was 3.62 million.
Consumer Staples Select Sector SPDR Fund could begin to recover as it approaches significant support, now 25 cents away from $76.03. Dipping below could be an indication that further losses are ahead. Despite being in the red so far in the current trading session, Consumer Staples Select Sector SPDR Fund peaked above its 21 day Simple Moving Average around $76.69 — typically an early indicator of a new bullish trend beginning to emerge. Bollinger Bands® shows an indication of recovery: the lower band is at $75.98, a low enough level to, generally, suggest that Consumer Staples Select Sector SPDR Fund is trading below its fair value.
Technical analysis shows that Consumer Staples Select Sector SPDR Fund (currently on a downtrend) might reverse course and start going up in the short term.
In the meantime, negative performances are also seen in other markets, after ending yesterday's session at $105.07, Exxon Mobil lost $2.55 and is trading around $102.52. ProLogis dips 3.22% yesterday and closed at $125.28.
Other assets are showing positive performances as Alphabet is trading around $120.09 after ending yesterday's session at $116.96 (up 2.68% today).
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as United States Crude Oil Inventories projected to come out at -920,000 — worse than previous data of 2.95 million; data will be released today at 14:30 UTC.
Some optimism can drawn from the fact that United States Initial Jobless Claims is projected to outperform its last figure with 254,000. It previously stood at 264,000; data will be released tomorrow at 12:30 UTC.
Furthermore, United States Philadelphia Fed Manufacturing Index (May) scheduled to come out tomorrow at 12:30 UTC.
The fund has been trending positively for about 2 months. 7 months ago, Consumer Staples Select Sector SPDR Fund fell to a low of $66.5 but has since recovered 15.68%.
