- Strong bullish sentiment set to meet bearish fightback around key resistance at $70.54, currently 15 cents away
- Upper Bollinger Band® currently at $70.38
Consumer Staples Select Sector SPDR Fund chart analysis: Consumer Staples Select Sector SPDR Fund's run now faces a challenge at $70.54, which is only 15 cents away from the line. Overcoming it might send the company towards their next major resistance line— this will surely be interesting to follow. Trend and momentum analysis indicates that Consumer Staples Select Sector SPDR Fund's CCI indicator has broken above +100, indicating that prices are unusually high compared to the rolling average. Consumer Staples Select Sector SPDR Fund is alternating around the $70.54 Fibonacci resistance level. Analysis based on the asset volatility indicates that Consumer Staples Select Sector SPDR Fund's upper Bollinger Band® is now at $70.38.
Overall, while Consumer Staples Select Sector SPDR Fund has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
Chart analysis suggests a persuasive break of this target could lead to higher losses. With regards to technical trend indicators, chart analysis show that ProShares Short Dow30's CCI indicator has fallen below -100, meaning prices are unusually low compared to their long-term average. Asset volatility analysis shows that the lower Bollinger Band® of ProShares Short Dow30 is at $34.97.
For the time being, ProShares Short Dow30 remains flat without a clear direction.
Around $89.84, iShares MSCI USA Value Factor ETF can look to establish a new bullish phase beyond its 50 day Simple Moving Average. On the other hand, note that iShares MSCI USA Value Factor ETF's recent run now faces a major challenge as concentrated supply is likely found at $89.78 with price action currently 50 cents away. Bollinger Band® analysis indicates that current price action is approaching the upper band at $89.73, thereby suggesting that iShares MSCI USA Value Factor ETF is becoming overvalued.
Overall, looking at the technical analysis landscape, it seems iShares MSCI USA Value Factor ETF likely to continue pointing upward in the short term.
Fundamental indicators – highly important Consumer Confidence data from United States beat analyst expectations of 106.5 with a reading of 102.5.
Upcoming fundamentals: 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.