- Health Care Select Sector SPDR Fund drawing closer to significant resistance at $136.61 with potentially further upside ahead
- Although higher today, Health Care Select Sector SPDR Fund dipped below its 10 day Simple Moving Average in early trade
Positive signs: after 5 days of being mostly flat Yesterday's session shows improvement: Health Care Select Sector SPDR Fund ended Tuesday at $135.46. yesterday it went up to $136.57 only to drop back, yet still managed to close at $135.82.
The past 3 months have been positive for Health Care Select Sector SPDR Fund as it added 7.41% compared to its 3-month low of $119.89.
Health Care Select Sector SPDR Fund could be slowing down soon; it is getting close to the resistance line and is now at $136.61, only 79 cents away. Crossing the resistance line could, however, suggest that further gains are ahead. Despite posting gains on yesterday, Health Care Select Sector SPDR Fund slid below its 10 day Simple Moving Average at $135.55 during the last session — an early indicator that a negative trend could be emerging.
Overall, looking at the technical analysis landscape, it seems Health Care Select Sector SPDR Fund is likely to reverse course and start pointing down in the short term.
Fundamental indicators – United States Initial Jobless Claims improved upon its previous reading of 223,000 with a new data release of 204,000.
Other markets are also showing gains as Alibaba went up by 13% yesterday, and closed at $103.92. JD.com Inc. skyrockets 14.68% yesterday and closed at $57.64.
At the same time, after ending yesterday's session at $239.58, Microsoft lost $10.48 and is trading around $229.1.
Upcoming fundamentals: United States Crude Oil Inventories is projected to outperform its last figure with 1.15 million. It previously stood at 718,000; data will be released today at 16:00 UTC.