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April 15, 2023
A quick look at yesterday: a tough session dominated by bearish sentiment left XLP 48 cents lower, while setting a $74.97 to $75.79 session range.
Following a previous reading of 0%, Core Retail Sales in United States released yesterday at 12:30 UTC fell short of the -0.3% figure expected by analysts with an actual reading of -0.8%. United States Retail Sales published yesterday at 12:30 UTC came out at -1%, falling short of the -0.4% projections and continuing its decline from the previous -0.2% figure.
Amid the market gloom, United States CFTC S&P 500 speculative net positions released yesterday at 20:30 UTC with a figure of -307,600, while the previous figure was -321,500.
Consumer Staples Select Sector SPDR Fund made an initial break below its 10 day Simple Moving Average at $75.14, a possible indication of a forthcoming negative trend. In contrast, Consumer Staples Select Sector SPDR Fund could begin to recover as it approaches significant support, now 34 cents away from $74.84. 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, Boeing falls 5.56% yesterday and closed at $213.59.
Positive performances can be seen by looking at other markets as JP Morgan Chase went up by 7.55% yesterday, and closed at $138.73. BlackRock is trading around $691.33 after ending yesterday's session at $670.73 (up 3.07% today).
The fund has been trending positively for about a month. Consumer Staples Select Sector SPDR Fund hit a significant low of $66.5 around 6 months ago, but has since recovered 13.77%.
