- Energy Select Sector SPDR Fund is eyeing the $87.75 support level
- Energy Select Sector SPDR Fund made an initial breakout above its 5 day Simple Moving Average at $89.55, a potential indicator of a newly emerging bullish phase.
Without a clear-cut direction, Energy Select Sector SPDR Fund is trading around $88.84 and ranging between $87.9 and $89.88.
The fund has been trending positively for about a month. The past 3 months have been positive for Energy Select Sector SPDR Fund as it added 15.74% compared to its 3-month low of $53.
Energy Select Sector SPDR Fund made an initial breakout above its 5 day Simple Moving Average at $89.55, a potential indicator of a newly emerging bullish phase. Energy Select Sector SPDR Fund is approaching key support, around $1.09 away from $87.75. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.
Despite muted price action in Energy Select Sector SPDR Fund, chart analysis indicates it is positioned for a bullish run in the short term.
Fundamental indicators – United States ISM Non-Manufacturing PMI (Oct) released today at 14:00 UTC with a figure of 54.4, while the previous figure was 56.7.
While Energy Select Sector SPDR Fund is pretty flat so far today, mixed performances are seen elsewhere as iShares Trust – iShares iBonds Dec 2021 Term Treasury ETF moves 0.04% to trade around $25.35. Vanguard Mortgage-Backed Securities Index Fund ETF Shares is trading around $44 (down 28 cents). Vanguard Short-Term Inflation-Protected Securities Index Fund ETF Shares crashes 0.4% to trade around $47.49.
Upcoming fundamentals: United States Non Farm Payrolls projected to come out at 200,000 — worse than previous data of 263,000; data will be released tomorrow at 12:30 UTC.