Yesterday at a glance: Industrial Select Sector SPDR Fund ended Wednesday at $100.17. yesterday it went up to $100.86 only to drop back, yet still managed to close at $100.72.
United States Core PCE Price Index (MoM) (Dec) is next today at 13:30 UTC.
Uptick comes while some more positive signs for Industrial Select Sector SPDR Fund are out as highly important Core Durable Goods Orders data from United States beat analyst expectations of -0.2% with a reading of -0.1%. Data from United States concerning GDP was released yesterday at 13:30 UTC. Newly published figures emphasized continued decline from last month's figure of 3.2 to 2.9 this month.
Meanwhile, United States New Home Sales (Dec) came out at 616,000, while a consensus of analysts was expecting 617,000.
Industrial Select Sector SPDR Fund could be slowing down soon as it approaches resistance at $101.44. Of course, crossing it might suggest further gains are ahead. Despite posting gains on yesterday, Industrial Select Sector SPDR Fund slid below its 50 day Simple Moving Average at $99.76 during the last session — an early indicator that a negative trend could be emerging.
After posting consistent gains as part of its uptrend and being lifted by intraday sentiment, technical factors suggest Industrial Select Sector SPDR Fund is set for a reversal in the coming days.
Other markets are also showing gains as Tesla explodes 10.97% yesterday and closed at $144.43. Chevron went up by 4.86% yesterday, and closed at $187.79.
At the same time, IBM falls 4.48% yesterday and closed at $140.76.
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 -0.9%. It previously stood at -4%; data will be released today at 15:00 UTC.
Also worthy of note, United States Core PCE Price Index (MoM) (Dec) will be released today at 13:30 UTC.
Industrial Select Sector SPDR Fund hit a significant low of $82.84 around 3 months ago, but has since recovered 20.92%.