Financial Select Sector SPDR Fund is on a 10 day bullish run gaining 88 cents (3.23%). It was more of the same for Financial Select Sector SPDR Fund yesterday — after closing at $31.87 Wednesday, XLF maintained a strong bullish bias that helped the fund close higher at $32 yesterday. However, market bears ensured the Financial Select Sector SPDR Fund topped out at $32.05 and that by the end of the session, the market had marked out a distinct $31.77 to $32.05 range.
United States Non Farm Payrolls data will be released today at 12:30 UTC, with an expected decline to 239,000.
On the flip side, highly important Initial Jobless Claims data from United States beat analyst expectations of 200,000 with a reading of 228,000.
Meanwhile, United States Reserve Balances with Federal Reserve Banks released yesterday at 20:30 UTC with a figure of 3.38 trillion, while the previous figure was 3.40 trillion. United States Fed's Balance Sheet released yesterday at 20:30 UTC with a figure of 8.63 trillion, while the previous figure was 8.71 trillion.
Financial Select Sector SPDR Fund's notable support and resistance levels: Financial Select Sector SPDR Fund could be slowing down soon as it approaches resistance at $32.1. Of course, crossing it might suggest further gains are ahead. Technical analysis trend indicators suggest that Financial Select Sector SPDR Fund made an initial breakout above its 21 day Simple Moving Average at $31.94, a potential indicator of a newly emerging bullish phase. Analysis based on the asset volatility indicates that Bollinger Band® analysis indicates that current price action is approaching the upper band at $32.5, thereby suggesting that Financial Select Sector SPDR Fund is becoming overvalued.
Notwithstanding Financial Select Sector SPDR Fund's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
Also worthy of note, today at 12:30 UTC data for United States Non Farm Payrolls will be released, with an expected decline to 239,000 from the preceding figure of 311,000.
Elsewhere, United States Unemployment Rate is expected today at 12:30 UTC.
The fund has been trending lower for about a month. Financial Select Sector SPDR Fund is now trading 9.61% below its 3-month high of $37.89.