Yesterday at a glance: hesitant but grinding higher: Industrial Select Sector SPDR Fund closed at $100.91 after ranging between $100.58 and $101.29.
Industrial Select Sector SPDR Fund upside coincides with further encouraging market factors as United States Core Durable Goods Orders came out at 0.5%, better than analyst estimates of 0.1% and improving upon the previous reading of -0.9%.
Nevertheless, United States Crude Oil Inventories released earlier showed a marked improvement to -3.69 million from the preceding data of -5.4 million, but fell short of the -1 million figure forecast by a consensus of market analysts.
Meanwhile, United States New Home Sales (Oct) came out at 632,000, while a consensus of analysts was expecting 570,000.
Bollinger Band® analysis indicates that current price action is approaching the upper band at $102.89, thereby suggesting that Industrial Select Sector SPDR Fund is becoming overvalued. Industrial Select Sector SPDR Fund could be slowing down soon as it approaches resistance at $101.27. Of course, crossing it might suggest further gains are ahead.
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.
Industrial Select Sector SPDR Fund shows positive signs, other assets are also on par: Deere & Company went up by 5.03% yesterday, and closed at $437.52. Tesla leaps up 7.82% yesterday and closed at $169.91. Walt Disney is trading around $98.88 after ending yesterday's session at $96.21 (up 2.78% today).
The fund has been trending positively for about a month. Industrial Select Sector SPDR Fund hit a significant low of $82.84 around a month ago, but has since recovered 21.35%.