Yesterday at a glance: after finishing Friday at $135.27, Consumer Discretionary Select Sector SPDR Fund went up to $141.13 before paring its losses and closing at $140.76.
Meanwhile, United States NY Empire State Manufacturing Index (Oct) came out at -9.1, while a consensus of analysts was expecting -4.
The MACD index is indicating that momentum is shifting from bearish to bullish following a positive crossover. When the MACD rises above the signal line, it is typically considered to be a bullish development favoring long positions. In contrast, Consumer Discretionary Select Sector SPDR Fund is $1.14 away from testing key resistance at $141.9. Peaking above this level could inspire market bulls and open the path to further gains.
Overall, looking at the technical analysis landscape, it seems Consumer Discretionary Select Sector SPDR Fund might continue pointing upwards in the short term.
Other markets are also showing gains as ARK Innovation ETF explodes 7.03% yesterday and closed at $34. Notably, Amazon rose 6.45% yesterday and closed at $106.9.
At the same time, iShares Trust – iShares iBonds Dec 2021 Term Treasury ETF moves 0.04% yesterday and closed at $25.36.
Also worthy of note, projections for United States Crude Oil Inventories are set for a continuation of decline with 1.55 million while previous data was 9.88 million; data will be released tomorrow at 14:30 UTC.
Elsewhere, United States Building Permits (Sep) is expected tomorrow at 12:30 UTC.
The current year has not been the best for Consumer Discretionary Select Sector SPDR Fund as it lost 33.96% from its highest point of $211.42.