Consumer Staples Select Sector SPDR Fund is range-bound between $76 and $76.45 today after shedding 86.5 cents and closing at $77.19 Friday.
Consumer Staples Select Sector SPDR Fund is currently trading at $76.33 following the release of ISM Non-Manufacturing PMI (Nov) data from the United States.
Meanwhile, United States ISM Non-Manufacturing PMI (Nov) came out at 56.5, while a consensus of analysts was expecting 53.3. United States Factory Orders came out at 1%, better than analyst estimates of 0.7% and improving upon the previous reading of 0.3%. United States ISM Non-Manufacturing Employment (Nov) released today at 15:00 UTC with a figure of 51.5, while the previous figure was 49.1.
Consumer Staples Select Sector SPDR Fund made an initial break below its 10 day Simple Moving Average at $76.16, a possible indication of a forthcoming negative trend. Despite this, when "Bullish Engulfing” is detected at the bottom of a bearish trend, it is typically indicative of a trend reversal. Consumer Staples Select Sector SPDR Fund could begin to recover as it approaches significant support, now 54 cents away from $75.79. Dipping below could be an indication that further losses are ahead.
In the short term, Consumer Staples Select Sector SPDR Fund is expected to maintain its recent downtrend and continue spiralling lower.
In the meantime, negative performances are also seen in other markets, Verizon is down to $37.09, losing $1.09, after closing at $38.18 in the preceding trading session. United Parcel Service is down to $182.47, losing $6.92, after closing at $189.39 in the preceding trading session. Salesforce is trading around $136 (down $8.56).
Furthermore, United States EIA Short-Term Energy Outlook is scheduled for tomorrow at 17:00 UTC.
The fund has been trending positively for about a month. Consumer Staples Select Sector SPDR Fund hit a significant low of $66.5 around a month ago, but has since recovered 16.08%.