Friday at a glance: a tough session dominated by bearish sentiment left XLP 48 cents lower, while setting a $74.97 to $75.79 session range.
Consumer Staples Select Sector SPDR Fund made an initial break below its 10 day Simple Moving Average at $75.14, a possible indication of a forthcoming negative trend. On the other hand, note that Consumer Staples Select Sector SPDR Fund could begin to recover as it approaches significant support, now 34 cents away from $74.84. Dipping below could be an indication that further losses are ahead.
Several technical indicators are adding weight to the bearish momentum seen Friday and forecasting Consumer Staples Select Sector SPDR Fund to extend its recent losses.
In the meantime, negative performances are also seen in other markets, Boeing is down to $201.71, losing $11.88, after ending the previous session around $213.59.
Positive performances can be seen by looking at other markets as JP Morgan Chase skyrockets 7.55% Friday and closed at $129. BlackRock rallies 3.07% Friday and closed at $670.73.
The fund has been trending positively for about a month. Consumer Staples Select Sector SPDR Fund hit a significant low of $66.5 around 6 months ago, but has since recovered 13.77%.