A quick look at today: after dipping down to $80.35, SPDR S&P Biotech ETF regained earlier losses and reaches $81.08.
At the same time, United States API Weekly Crude Oil Stock came out at -1.27 million, while a consensus of analysts was expecting 1.55 million. United States TIC Net Long-Term Transactions (Aug) released today at 20:00 UTC with a figure of 197.9 billion, while the previous figure was 21.4 billion. United States Industrial Production beat the 0.1% projections, with 0.4%.
SPDR S&P Biotech ETF chart analysis: SPDR S&P Biotech ETF's nearest resistance stands at $91.09, followed by $93.17. Trend-focused traders would be interested to note that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. According to momentum evaluation, the Relative Strength Index indicates SPDR S&P Biotech ETF is in strong oversold condition. Analysis based on the asset volatility indicates that SPDR S&P Biotech ETF's lower Bollinger band is at $87.64, indicating that the market is oversold and fertile for new buyers.
Overall, the technical outlook suggests SPDR S&P Biotech ETF is likely to remain muted for the immediate future, with no clear-cut direction.
SPDR S&P Biotech ETF shows positive signs, other assets are also on par: Lockheed Martin went up by 8.69% today, and closed at $431.84. Raytheon Technologies is trading around $87.36 after ending today's session at $84.47 (up 3.42% today).
At the same time, a flat day for iShares Trust – iShares iBonds Dec 2021 Term Treasury ETF, closing at $25.35.
Furthermore, the market is looking at United States Crude Oil Inventories expected to decline to 1.55 million while its preceding data was 9.88 million, data will be available tomorrow at 14:30 UTC.
Furthermore, the market is looking at United States Building Permits (Sep) is scheduled for tomorrow at 12:30 UTC.
All in all, the fund has been on a negative trend for around 1 year, 1 month. Since its 52-week high of $92.16, SPDR S&P Biotech ETF has lost 32.42% over the last twelve months.