- Next support is currently $1.19 away at $129.38
- Price action breaks below known Fib level ($131.37)
Having fallen 3 cents in 4 days, More of the same from yesterday's session: after a mostly steady day, Health Care Select Sector SPDR Fund lost 1.7% deep into the session, ending up at $130.57.
Health Care Select Sector SPDR Fund has recovered 10.79% since descending to a significant low of $119.89 around 4 months ago.
Health Care Select Sector SPDR Fund made an initial break below its 5 day Simple Moving Average at $132.11, a possible indication of a forthcoming negative trend. Price action pushed below a known Fibonacci support level at $131.37 by around 80 cents with prices hammering out a $130.5 – $134.03 range by session close. In contrast, Health Care Select Sector SPDR Fund could begin to recover as it approaches significant support, now $1.19 away from $129.38. Dipping below could be an indication that further losses are ahead.
In the short term, Health Care Select Sector SPDR Fund is expected to maintain its recent downtrend and continue spiralling lower.
Fundamental indicators – United States Interest Rate came out at four, while a consensus of analysts was expecting four.
In the meantime, negative performances are also seen in other markets, iShares Core Total USD Bond Market ETF crashes 0.75% yesterday and closed at $43.87.
Other assets are showing positive performances as Novo Nordisk added 6.39% and closed around $106.43 yesterday.
In the meantime, a flat day for iShares Trust – iShares iBonds Dec 2021 Term Treasury ETF, closing at $25.35.
Upcoming fundamentals: projections for United States Non Farm Payrolls are set for a continuation of decline with 200,000 while previous data was 263,000; data will be released tomorrow at 12:30 UTC.