Keeping up its 4 days of climbing (+$2.48), Today continued on the same track for SPDR S&P Bank ETF — after dipping down to $47.15, SPDR S&P Bank ETF regained earlier losses and reaches $47.57.
Meanwhile, United States API Weekly Crude Oil Stock released today at 20:30 UTC with a figure of -1.27 million, while the previous figure was 7 million. United States TIC Net Long-Term Transactions (Aug) came out at 197.9 billion, while a consensus of analysts was expecting 28.2 billion. United States Industrial Production beat the 0.1% projections, with 0.4%.
Despite posting gains on today, SPDR S&P Bank ETF slid below its 50 day Simple Moving Average at $47.89 during the last session — an early indicator that a negative trend could be emerging. Bollinger band analysis indicates that current price action is approaching the upper band at $48.09, thereby suggesting that SPDR S&P Bank ETF is becoming overvalued. SPDR S&P Bank ETF could be slowing down soon as it approaches resistance at $48.8. Of course, crossing it might suggest further gains are ahead. On the other hand, note that Fibonacci-focused traders would be interested to note that SPDR S&P Bank ETF is oscillating around the key Fibonacci resistance level of $48.27.
Technical analysis of SPDR S&P Bank ETF price action suggests it is likely to undergo a short-term reversal amid broader bullish sentiment.
Other markets are also showing gains as Lockheed Martin went up by 8.69% today, and closed at $431.84.
Meanwhile, a flat day for iShares Trust – iShares iBonds Dec 2021 Term Treasury ETF, closing at $25.35.
Also worthy of note, as things stand, upcoming United States Crude Oil Inventories data is projected to fall short of market expectations with newly published data of 1.55 million, following on from the preceding figure of 9.88 million. New data is set to be published tomorrow at 14:30 UTC.
Elsewhere, United States Building Permits (Sep) scheduled to come out tomorrow at 12:30 UTC.
SPDR S&P Bank ETF reached a significant high of $60.41 around 9 months ago but has lost 21.47% since then.