Friday at a glance: a tough session dominated by bearish sentiment left XLI 23 cents lower, while setting a $100.22 to $101.17 session range.
Industrial Select Sector SPDR Fund made an initial break below its 5 day Simple Moving Average at $100.68, a possible indication of a forthcoming negative trend. Industrial Select Sector SPDR Fund is currently flirting with an active Fibonacci support level around $100.35. Industrial Select Sector SPDR Fund's upper Bollinger Band® is at $102.09 which indicates a further downward move may follow. In contrast, Industrial Select Sector SPDR Fund could begin to recover as it approaches significant support, now 45 cents away from $100.16. Dipping below could be an indication that further losses are ahead.
Several technical indicators are adding weight to the bearish momentum seen Friday and forecasting Industrial Select Sector SPDR Fund to extend its recent losses.
Other assets are showing positive performances as Procter & Gamble added 3.46% and closed around $150.85 Friday. Novo Nordisk went up by 4.4% Friday, and closed at $172.65. Notably, SAP rose 5.59% Friday and closed at $126.86.
Industrial Select Sector SPDR Fund hit a significant low of $82.84 around 6 months ago, but has since recovered 21.73%.