- Materials Select Sector SPDR Fund is approaching the $78.62 immediate support line.
- Materials Select Sector SPDR Fund's upper Bollinger Band® at $82.51, suggesting a further decline is forthcoming.
Trend-focused traders would be interested to note that around $152.45, SPDR S&P Oil & Gas Exploration & Production ETF can look to establish a new bullish phase beyond its 21 day Simple Moving Average. A study of SPDR S&P Oil & Gas Exploration & Production ETF's chart reveals various key levels to watch: SPDR S&P Oil & Gas Exploration & Production ETF's run now faces a challenge at $149.43, which is only $6.22 away and will be interesting to follow.
For the time being, SPDR S&P Oil & Gas Exploration & Production ETF remains flat without a clear direction.
Despite being in the red so far in the current trading session, Materials Select Sector SPDR Fund peaked above its 200 day Simple Moving Average around $79.46 — typically an early indicator of a new bullish trend beginning to emerge.
Technical analysis indicates that Materials Select Sector SPDR Fund (currently on a downtrend) might reverse course and start pointing upward in the short term.
A convincing break of this target could pave the way for deeper losses.
Fundamental indicators – United States Philadelphia Fed Manufacturing Index (Nov) released yesterday at 13:30 UTC with a figure of -19.4, while the previous figure was -8.7.
Upcoming fundamentals: United States Existing Home Sales (Oct) is scheduled for today at 15:00 UTC.