- Health Care Select Sector SPDR Fund overcomes resistance at $138.44; all eyes on $139.48 as next target
- The lower Bollinger Band® is currently at $130.85 while the higher band is at $140.66
Health Care Select Sector SPDR Fund trades at $138.86 after gaining $1.47 (1.07%).
The fund has been trending positively for about a month. The past 3 months have been positive for Health Care Select Sector SPDR Fund as it added 9.82% compared to its 3-month low of $119.89.
Despite ticking up in the session, the short-term outlook has become negative after the MACD moved below its signal line — typically a bearish indicator that upward momentum is running out of steam. Health Care Select Sector SPDR Fund's upper Bollinger Band® is at $140.66, this is a slight indication of a slowdown. On the other hand, note that Health Care Select Sector SPDR Fund broke through the $138.44 resistance, climbing 42 cents above it.
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 Unit Labor Costs (QoQ) (Q3) released today at 13:30 UTC with a figure of 2.4, while the previous figure was 3.5.
Health Care Select Sector SPDR Fund shows positive signs, other assets are also on par: having closed the previous session at $49.71, Pfizer is up 2.87% today to currently trade at around $51.13. ProLogis is up 2.09%.
Meanwhile, Alibaba falls 3.73% to trade around $88.03.
Upcoming fundamentals: tomorrow at 13:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 230,000 from the preceding figure of 225,000.