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February 22, 2023
After closing the previous trading day at $73.4, Consumer Staples Select Sector SPDR Fund is up to $73.66, which makes for a move of 0.36%/26.46 cents today.
United States FOMC Meeting Minutes is next today at 19:00 UTC.
Meanwhile, United States Existing Home Sales (Jan) came out at 4 million, while a consensus of analysts was expecting 4 million. United States 2-Year Note Auction released yesterday at 18:00 UTC with a figure of 4.673, while the previous figure was 4.139. United States Existing Home Sales released earlier showed a marked improvement to -0.7% from the preceding data of -2.2%, but fell short of the 2% figure forecast by a consensus of market analysts.
As the day gets underway, chart analysis suggests Consumer Staples Select Sector SPDR Fund broke through the $73.79 resistance and climbed above it 13 cents; next resistance level is at $74.18. Trend analysis indicates that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. Price action overcame a known Fibonacci resistance level at $73.92 by around 25.54 cents with prices hammering out a $73.49 – $74 session range. Analysis based on the asset volatility indicates that Bollinger Band® analysis indicates that current price action is approaching the upper band at $74.21, thereby suggesting that Consumer Staples Select Sector SPDR Fund is becoming overvalued.
Overall, while Consumer Staples Select Sector SPDR Fund has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
At the same time, Rio Tinto is down $3.14 from the beginning of the session and now trades around $72.24. BHP Billiton is down to $63.83, losing $2.44, after closing at $66.27 in the preceding trading session. After ending yesterday's session at $111.17, Exxon Mobil lost $2.39 and is trading around $108.78.
Also worthy of note, tomorrow at 16:00 UTC data for United States Crude Oil Inventories will be released, with an expected decline to 1.17 million from the preceding figure of 16.28 million. United States Initial Jobless Claims projected to come out at 200,000 — worse than previous data of 194,000; data will be released tomorrow at 13:30 UTC.
Elsewhere, United States GDP figure is projected at 2.9. It previously stood at 2.9; data will be released tomorrow at 13:30 UTC.
Having set a significant low of $66.5 4 months ago, Consumer Staples Select Sector SPDR Fund is trading 10.38% higher.
