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May 24, 2023
- Real Estate Select Sector SPDR Fund's downtrend is set to be challenged by looming key support at $35.75
- A crossing of the lower Bollinger Band® at $35.56 suggests further losses may follow for Real Estate Select Sector SPDR Fund.
The Real Estate Select Sector SPDR Fund's downtrend might be halted by its support level at $35.75, which is only 55 cents away. Real Estate Select Sector SPDR Fund's CCI indicator has fallen below -100, meaning prices are unusually low compared to their long-term average. Real Estate Select Sector SPDR Fund is currently flirting with an active Fibonacci support level around $35.27. Real Estate Select Sector SPDR Fund has just crossed the lower Bollinger Band® at $35.56, indicating further losses could be forthcoming.
Looking forward, Real Estate Select Sector SPDR Fund is poised to extend its strong downtrend and continue declining.
IShares iBoxx $ Investment Grade Corporate Bond ETF made an initial foray below its 5 day Simple Moving Average around $106.78. IShares iBoxx $ Investment Grade Corporate Bond ETF is hovering around the $106.59 Fibonacci support level. In contrast, iShares iBoxx $ Investment Grade Corporate Bond ETF has formed a "bullish engulfing” pattern. A persuasive break of this target could lead to higher losses.
In the short term, iShares iBoxx $ Investment Grade Corporate Bond ETF is expected to maintain its recent downtrend and continue spiralling lower.
$62.5 marks the crossover point where iShares MSCI South Korea ETF price action falls below its 3 day Simple Moving Average. IShares MSCI South Korea ETF's upper Bollinger Band® is at $62.87. On the other hand, note that iShares MSCI South Korea ETF is eyeing the $62.11 support line.
Although price action remains in a stalemate, technical analysis suggests iShares MSCI South Korea ETF could be primed for a break to the downside.
Fundamental indicators – highly important Crude Oil Inventories data from United States beat analyst expectations of -920,000 with a reading of -12.46 million.
Upcoming fundamentals: United States Pending Home Sales is projected to outperform its last figure with 0.5%. It previously stood at -5.2%; data will be released tomorrow at 14:00 UTC.
