- Price action honing in on likely support at $131.86
- Health Care Select Sector SPDR Fund made an initial breakout above its 10 day Simple Moving Average at $132.46, a potential indicator of a newly emerging bullish phase.
Health Care Select Sector SPDR Fund is on a 5 day downtrend With a marginal improvement upon yesterday's session, Health Care Select Sector SPDR Fund recovered back to $132.96 after dipping down to $131.86, in a session that followed Wednesday's $133.02 close value.
The fund has been trending positively for about a month. Having set a significant high of $142.83 5 months ago, Health Care Select Sector SPDR Fund is trading 10.95% lower.
Trend-following investors would be interested to note that Health Care Select Sector SPDR Fund made an initial breakout above its 10 day Simple Moving Average at $132.46, a potential indicator of a newly emerging bullish phase. Technical chart analysis shows Health Care Select Sector SPDR Fund is approaching key support, around $1.1 away from $131.86. 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.
Overall, technical indicators suggest Health Care Select Sector SPDR Fund has no obvious direction for the immediate future.
Fundamental indicators – United States Philadelphia Fed Manufacturing Index (Nov) came out at -19.4, while a consensus of analysts was expecting -6.2.
While Health Care Select Sector SPDR Fund was pretty flat yesterday, mixed performances were seen elsewhere as notably, Alibaba rose 7.8% yesterday and closed at $78.16. Notably, Cisco Systems rose 4.96% yesterday and closed at $44.39. Walt Disney is down to $91.45, losing $2.5, after ending the previous session around $93.95.
Upcoming fundamentals: United States Existing Home Sales (Oct) scheduled to come out today at 15:00 UTC.