Industrial Select Sector SPDR Fund is rallying again to $90.51 (up 64 cents), after erasing earlier gains.
United States's Consumer Confidence new data released of 102.5 below its previous figure.
On the flip side, following a previous reading of 107.8, Consumer Confidence in United States released today at 14:00 UTC fell short of the 106.5 figure expected by analysts with an actual reading of 102.5.
At the same time, United States S&P/CS HPI Composite – 20 n.s.a. (YoY) (Aug) released today at 13:00 UTC with a figure of 13.1, while the previous figure was 16. United States Services PMI came out at 46.6, while a consensus of analysts was expecting 49.2.
The Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. Industrial Select Sector SPDR Fund has just crossed its upper Bollinger Band® at $90.5, suggesting further gains could be on the cards. Despite this, Industrial Select Sector SPDR Fund is 15 cents away from testing key resistance at $90.36. Peaking above this level could inspire market bulls and open the path to further gains.
Overall, looking at the technical analysis landscape, it seems Industrial Select Sector SPDR Fund might continue pointing upwards in the short term.
Other markets are also showing gains as iShares Core Total USD Bond Market ETF is up 1.03%. IShares MBS ETF is up 1.22%.
At the same time, iShares Trust – iShares iBonds Dec 2021 Term Treasury ETF moves 0.04% to trade around $25.35.
Today's gains are adding to bullish investor sentiment as robust macro data is expected for release later today; United States Crude Oil Inventories is projected to outperform its last figure with 200,000. It previously stood at -1.73 million; data will be released tomorrow at 14:30 UTC.
The market is looking forward to the release of new data: United States New Home Sales (Sep) will be released tomorrow at 14:00 UTC.
Industrial Select Sector SPDR Fund hit a significant low of $82.84 around 25 days ago, but has since recovered 8.49%.