Yesterday at a glance: after a mostly steady day, Consumer Staples Select Sector SPDR Fund lost 63 cents late into the session and closed at $76.66.
Initial Jobless Claims data from United States will be released today at 12:30 UTC with analysts expecting a decline to 240,000. Potentially significant price fluctuations in Consumer Staples Select Sector SPDR Fund are expected to follow.
Highly important Crude Oil Inventories data from United States beat analyst expectations of -1.1 million with a reading of -1.28 million.
Amid the market gloom, United States Interest Rate came out at 5.25, while a consensus of analysts was expecting 5.25. United States ISM Non-Manufacturing PMI (Apr) released yesterday at 14:00 UTC with a figure of 51.9, while the previous figure was 51.2.
Consumer Staples Select Sector SPDR Fund made an initial break below its 10 day Simple Moving Average at $76.75, a possible indication of a forthcoming negative trend. Price action remains constrained around the key Fibonacci level of $76.88 currently serving as support. If price action breaks below, the next Fib hurdle is $74.92. Consumer Staples Select Sector SPDR Fund's upper Bollinger Band® is at $77.72 which indicates a further downward move may follow. In contrast, Consumer Staples Select Sector SPDR Fund could begin to recover as it approaches significant support, now 26 cents away from $76.4. Dipping below could be an indication that further losses are ahead.
In the short term, Consumer Staples Select Sector SPDR Fund is expected to maintain its recent downtrend and continue spiralling lower.
In the meantime, negative performances are also seen in other markets, after ending yesterday's session at $114.46, Starbucks lost $10.5 and is trading around $103.96. AMD lost 9.22% yesterday and closed at $89.91.
Positive performances can be seen by looking at other markets as Eli Lilly and Company went up by 6.68% yesterday, and closed at $431.19.
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 180,000 while its preceding data was 236,000, data will be available tomorrow at 12:30 UTC. United States Initial Jobless Claims projected to come out at 240,000 — worse than previous data of 230,000; data will be released today at 12:30 UTC. Tomorrow at 12:30 UTC data for United States Unemployment Rate will be released, with an expected decline to 3.6 from the preceding figure of 3.5.
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 16.23%.