- Key support level at $150.23 currently only 46 cents away
- Financial Select Sector SPDR Fund has just crossed the lower Bollinger Band® at $31.55, indicating further losses could be forthcoming.
A convincing break of this target could pave the way for deeper losses. $150.17 marks the crossover point where iShares S&P 500 Value ETF price action falls below its 50 day Simple Moving Average. IShares S&P 500 Value ETF is currently flirting with an active Fibonacci support level around $149.88. On the other hand, note that iShares S&P 500 Value ETF's lower Bollinger Band® is at $149.53.
In general, examining the technical analysis landscape, although indicators are mixed further drawbacks may be next for iShares S&P 500 Value ETF.
Financial Select Sector SPDR Fund's CCI indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Price action pushed below a known Fibonacci support level at $31.63 by around 17.5 cents with prices hammering out a $31.27 – $31.85 range by session close. Financial Select Sector SPDR Fund crossed the lower Bollinger Band® at $31.55. Despite this, $31.54 is only 9 cents away for Financial Select Sector SPDR Fund and might put a stop to its current downtrend.
In the short term, Financial Select Sector SPDR Fund is expected to maintain its recent downtrend and continue spiralling lower.
Materials Select Sector SPDR Fund's CCI indicator has fallen below -100, meaning prices are unusually low compared to their long-term average. A crossing of the lower Bollinger Band® at $78.34 suggests further losses may follow for Materials Select Sector SPDR Fund. In contrast, $78.37 is only 3 cents away for Materials Select Sector SPDR Fund and might put a stop to its current downtrend.
Looking forward, Materials Select Sector SPDR Fund is poised to extend its strong downtrend and continue declining.
Fundamental indicators – United States Initial Jobless Claims published today at 12:30 UTC came out at 242,000, falling short of the 240,000 projections and continuing its decline from the previous 229,000 figure.
Upcoming fundamentals: projections for United States Non Farm Payrolls are set for a continuation of decline with 180,000 while previous data was 236,000; data will be released tomorrow at 12:30 UTC.