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June 24, 2023
A quick look at yesterday: Consumer Staples Select Sector SPDR Fund slid down from $74.27 to $73.78, taking a 49 cents loss (0.66%)
Meanwhile, United States Services PMI came out at 54.1, while a consensus of analysts was expecting 54. United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 166,500, while the previous figure was 155,100. United States CFTC Gold speculative net positions released yesterday at 20:30 UTC with a figure of 163,000, while the previous figure was 160,200.
Consumer Staples Select Sector SPDR Fund made an initial break below its 10 day Simple Moving Average at $73.76, a possible indication of a forthcoming negative trend. Consumer Staples Select Sector SPDR Fund's upper Bollinger Band® is at $74.65 which indicates a further downward move may follow. Despite this, Consumer Staples Select Sector SPDR Fund could begin to recover as it approaches significant support, now 23 cents away from $73.55. 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, Toyota dips 2.37% yesterday and closed at $157.11. Accenture plc Class A (Ireland) is down to $298.43, losing $8.82, after ending the previous session around $307.25. After ending yesterday's session at $73.95, Astrazeneca PLC lost $1.83 and is trading around $72.12.
Consumer Staples Select Sector SPDR Fund reached a significant high of $77.5 around a month ago but has lost 4.17% since then.
