Though in the midst of a 3 day uptrend, gaining a total of 3.49%, ($3.95), The prevailing bullish trend is beginning to fade following yesterday's downbeat session. Down on the day: Industrial Select Sector SPDR Fund closed at $98.92 after ranging between $98.89 and $100.26.
United States Producer Price Index is next today at 13:30 UTC.
Amid the market gloom, United States CFTC Gold speculative net positions released yesterday at 19:30 UTC with a figure of 82,300, while the previous figure was 64599.99999999999. United States CFTC Nasdaq 100 speculative net positions released yesterday at 19:30 UTC with a figure of -2,400, while the previous figure was -15,200. United States CFTC S&P 500 speculative net positions came out at -177,100.
Chart analysis indicates Industrial Select Sector SPDR Fund pushed below the $99 support level and extended 10 cents beyond it. With regards to technical trend indicators, chart analysis show that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. Analysis based on the asset volatility indicates that Industrial Select Sector SPDR Fund's upper Bollinger Band® is at $100.91 which indicates a further downward move may follow.
Notwithstanding Industrial Select Sector SPDR Fund's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
In the meantime, negative performances are also seen in other markets, Invesco Exchange-Traded Fund Trust II – Invesco Senior Loan ETF tumbles 1.19% yesterday and closed at $21.04.
Also yesterday, a flat day for iShares Trust – iShares iBonds Dec 2021 Term Treasury ETF, closing at $25.35.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as as things stand, upcoming United States Crude Oil Inventories data is projected to fall short of market expectations with newly published data of 1.36 million, following on from the preceding figure of 3.92 million. New data is set to be published tomorrow at 15:30 UTC.
Some optimism can drawn from the fact that United States Core Retail Sales is projected to outperform its last figure with 0.4%. It previously stood at 0.1%; data will be released tomorrow at 13:30 UTC.
Furthermore, United States Producer Price Index figure is projected at 0.4%. It previously stood at 0.4%; data will be released today at 13:30 UTC.
The fund has been trending positively for about a month. Industrial Select Sector SPDR Fund hit a significant low of $82.84 around a month ago, but has since recovered 20.15%.