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May 16, 2023
- Real Estate Select Sector SPDR Fund's downtrend is set to be challenged by looming key support at $36.86
- The lower Bollinger Band® is currently at $56.41 while the higher band is at $60.81
Trend-focused traders would be interested to note that The Real Estate Select Sector SPDR Fund made an initial foray below its 50 day Simple Moving Average around $36.91. Asset volatility analysis shows that the lower Bollinger Band® of Real Estate Select Sector SPDR Fund is at $36.45. Technical chart analysis shows $36.86 is only 16 cents away for Real Estate Select Sector SPDR Fund and might put a stop to its current downtrend.
For the time being, Real Estate Select Sector SPDR Fund remains flat without a clear direction.
Concerning technical analysis and more specifically, trend indicators, despite posting gains on yesterday, Financial Select Sector SPDR Fund slid below its 10 day Simple Moving Average at $32.19 during the last session — an early indicator that a negative trend could be emerging. According to asset volatility analysis, Financial Select Sector SPDR Fund's lower Bollinger Band® is now at $31.43. Visual analysis of Financial Select Sector SPDR Fund's chart shows that it will be interesting to follow how Financial Select Sector SPDR Fund's run now faces a challenge at $32.29, which is only 13 cents away.
For the time being, Financial Select Sector SPDR Fund remains flat without a clear direction.
Trend and momentum analysis indicates that Communication Services Select Sector SPDR Fund's CCI indicator is above +100. Analysis based on the asset volatility indicates that Communication Services Select Sector SPDR Fund's upper Bollinger Band® is at $60.81. Support/Resistance levels obtained from chart analysis indicate that Communication Services Select Sector SPDR Fund's recent run now faces a major challenge as concentrated supply is likely found at $60.23 with price action currently 24 cents away.
Overall, while Communication Services Select Sector SPDR Fund has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
Fundamental indicators – United States TIC Net Long-Term Transactions (Mar) came out at 133.3 billion, while a consensus of analysts was expecting 85.4 billion.
Upcoming fundamentals: United States Retail Sales is projected to outperform its last figure with 0.8%, having previously been at -0.6%. The figure will be published today at 12:30 UTC.
