A quick look at Friday: a tough session dominated by bearish sentiment left XLI 46 cents lower, while setting a $97.14 to $98.3 session range.
Trend and momentum analysis indicates that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Analysis based on the asset volatility indicates that Industrial Select Sector SPDR Fund's lower Bollinger Band® is at $97.8, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. A study of Industrial Select Sector SPDR Fund's chart reveals various key levels to watch: Industrial Select Sector SPDR Fund could begin to recover as it approaches significant support, now 67 cents away from $97.39. Dipping below could be an indication that further losses are ahead.
Overall, the technical outlook suggests Industrial Select Sector SPDR Fund is likely to remain muted for the immediate future, with no clear-cut direction.
In the meantime, negative performances are also seen in other markets, Accenture plc Class A (Ireland) plunges 5.92% Friday and closed at $281.12. Pfizer plunges 4.12% Friday and closed at $53.61. After ending Friday's session at $117.8, ProLogis lost $5.56 and is trading around $112.24.
Furthermore, United States Building Permits (Nov) is scheduled for tomorrow at 13:30 UTC.
Industrial Select Sector SPDR Fund has recovered 18.93% since descending to a significant low of $82.84 around 2 months ago.