- Nearest support line of $132.09 is only 60 cents away
- Falling prices have precipitated Health Care Select Sector SPDR Fund's approach to its lower Bollinger Band® at $131.81
Health Care Select Sector SPDR Fund's bearish run has lasted 3 days so far (-91 cents). Friday's session continued the recent downtrend: Health Care Select Sector SPDR Fund dipped as low as $132.25 before recovering some lost ground. However, the rebound failed to push the stock to where it started the session ($133.17) with Health Care Select Sector SPDR Fund closing the day at $132.69.
The fund has been trending lower for about a month. So far this year, Health Care Select Sector SPDR Fund has declined 2.04% while touching highs around $142.83 earlier this year.
Despite being in the red so far in the current trading session, Health Care Select Sector SPDR Fund peaked above its 10 day Simple Moving Average around $133.4 — typically an early indicator of a new bullish trend beginning to emerge. Health Care Select Sector SPDR Fund's lower Bollinger Band® is at $131.81, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. Although Health Care Select Sector SPDR Fund is pointing down today (was as low as $132.25), it's climbing away from the $132.09 support line and is now 60 cents above it.
Overall, looking at the technical analysis landscape, it seems Health Care Select Sector SPDR Fund —which is currently on a downtrend— might reverse course and start pointing upward in the short term.
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