Today at a glance: a tough session dominated by bearish sentiment left XLF 22 cents lower, while setting a $35.82 to $36.49 session range.
Financial Select Sector SPDR Fund is currently trading at $36.09 following the release of ISM Manufacturing PMI (Nov) data from the United States.
On the flip side, positive data for Financial Select Sector SPDR Fund released earlier when data for United States Initial Jobless Claims published today at 13:30 UTC came out at 225,000, beating projections of 235,000 and showing improvement over the preceding figure of 241,000.
Amid the market gloom, United States ISM Manufacturing PMI (Nov) came out at 49, while a consensus of analysts was expecting 49.8. United States Core PCE Price Index (MoM) (Oct) released today at 13:30 UTC with a figure of 0.2, while the previous figure was 0.5.
Financial Select Sector SPDR Fund made an initial break below its 5 day Simple Moving Average at $35.92, a possible indication of a forthcoming negative trend. Financial Select Sector SPDR Fund's upper Bollinger Band® is at $36.89 which indicates a further downward move may follow. Despite this, Financial Select Sector SPDR Fund could begin to recover as it approaches significant support, now 56 cents away from $35.53. Dipping below could be an indication that further losses are ahead.
Several technical indicators are adding weight to the bearish momentum seen today and forecasting Financial Select Sector SPDR Fund to extend its recent losses.
In the meantime, negative performances are also seen in other markets, Costco is down to $503.86, losing $35.39, after ending the previous session around $539.25. Salesforce crashes 8.09% today and closed at $160.25.
Other assets are showing positive performances as Philip Morris International is trading around $102.45 after ending today's session at $99.67 (up 2.79% today).
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as United States Non Farm Payrolls expected to decline to 200,000 while its preceding data was 261,000, data will be available tomorrow at 13:30 UTC.
Furthermore, United States Unemployment Rate is expected tomorrow at 13:30 UTC.
The fund has been trending positively for about a month. Financial Select Sector SPDR Fund has recovered 19.87% since descending to a significant low of $30.29 around a month ago.