A quick look at Friday: with a daily low of $93.5, Industrial Select Sector SPDR Fund closed Friday at $95.07, after ending Thursday at $93.57 and gaining $1.5 (1.6%).
Despite posting gains on Friday, Industrial Select Sector SPDR Fund slid below its 200 day Simple Moving Average at $94.48 during the last session — an early indicator that a negative trend could be emerging. Industrial Select Sector SPDR Fund is 70 cents away from testing key resistance at $95.77. Peaking above this level could inspire market bulls and open the path to further gains.
Despite basking in an uptrend and bullish intraday sentiment, chart analysis indicates Industrial Select Sector SPDR Fund is set for a reversal in the coming days.
Other markets are also showing gains as Direxion Daily FTSE China Bull 3X Shares explodes 22.96% Friday and closed at $23.39. IShares MSCI China ETF skyrockets 7.28% Friday and closed at $37.93.
Meanwhile, a flat day for iShares Trust – iShares iBonds Dec 2021 Term Treasury ETF, closing at $25.35.
Industrial Select Sector SPDR Fund is up 12.95% from the significant low of $82.84 it hit a month ago.