Yesterday at a glance: after closing at $99.46 on Monday, Industrial Select Sector SPDR Fund rallied as high as $100.23 but ended the day at $100.07.
United States ADP Nonfarm Employment Change (Nov) is next today at 13:15 UTC.
This move comes while some more positive signs for Industrial Select Sector SPDR Fund are out as highly important Consumer Confidence data from United States beat analyst expectations of 100 with a reading of 100.2.
Meanwhile, United States API Weekly Crude Oil Stock released yesterday at 21:30 UTC with a figure of -7.85 million, while the previous figure was -4.82 million. United States S&P/CS HPI Composite – 20 n.s.a. (YoY) (Sep) came out at 10.4, while a consensus of analysts was expecting 10.8.
Industrial Select Sector SPDR Fund is 34 cents away from testing key resistance at $100.41. Peaking above this level could inspire market bulls and open the path to further gains. Despite posting gains on yesterday, Industrial Select Sector SPDR Fund slid below its 10 day Simple Moving Average at $99.82 during the last session — an early indicator that a negative trend could be emerging. On the other hand, note that 'Bullish Harami' is a candlestick chart indicator used for detecting reversals in an existing bear trend. It is generally indicated by a small price increase that's contained within a broader downward price movement and is commonly associated with a bearish trend coming to an end.
Overall, looking at the technical analysis landscape, it seems Industrial Select Sector SPDR Fund is likely to reverse course and start pointing down in the short term.
Other markets are also showing gains as notably, Alibaba rose 5.25% yesterday and closed at $75.88. HSBC Holdings added 4.1% and closed around $29.28 yesterday. United Parcel Service went up by 2.77% yesterday, and closed at $184.89.
Yesterday's gains have given market bulls further impetus to expect strong macro data going forward, such as United States Pending Home Sales is projected to outperform its last figure with -5%. It previously stood at -10.2%; data will be released today at 15:00 UTC. United States Crude Oil Inventories is projected to outperform its last figure with -2.76 million. It previously stood at -3.69 million; data will be released today at 15:30 UTC.
The market is looking forward to the release of new data: United States Core PCE Price Index (MoM) (Oct) scheduled to come out tomorrow at 13:30 UTC.
The fund has been trending positively for about a month. Industrial Select Sector SPDR Fund is now trading 20.06% above the significant low ($82.84) it slumped to 2 months ago.