A quick look at yesterday: Financial Select Sector SPDR Fund ended Wednesday at $35.78. yesterday it went up to $36.06 only to drop back, yet still managed to close at $35.85.
This move comes while some more positive signs for Financial Select Sector SPDR Fund are out as United States Initial Jobless Claims beat the 215,000 projections, with 205,000.
At the same time, United States Consumer Price Index came out at -0.1%, while a consensus of analysts was expecting 0%. United States Core Consumer Prices released yesterday at 13:30 UTC with a figure of 0.3%, while the previous figure was 0.2%.
Technical chart analysis shows Financial Select Sector SPDR Fund could be slowing down soon as it approaches resistance at $36. Of course, crossing it might suggest further gains are ahead. Trend-focused traders would be interested to note that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. According to asset volatility analysis, Bollinger Band® analysis indicates that current price action is approaching the upper band at $35.91, thereby suggesting that Financial Select Sector SPDR Fund is becoming overvalued.
Notwithstanding Financial Select Sector SPDR Fund's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
Financial Select Sector SPDR Fund shows positive signs, other assets are also on par: TSM went up by 6.38% yesterday, and closed at $87. Walt Disney leaps up 3.61% yesterday and closed at $96.33. Notably, Toyota rose 2.53% yesterday and closed at $138.85.
This year has been a bright one for Financial Select Sector SPDR Fund after trading as low as $30.29 and going on to appreciate by 4.25% year to date.