- Next support is currently $2.17 away at $335.61
- Falling prices have precipitated S&P Global's approach to its lower Bollinger Band® at $331.62
S&P Global's bearish run has lasted 12 days so far (-$29.4). More of the same from yesterday's session: an influx of sellers pushed the ratings, benchmarks, analytics and data provider to session lows around $337.13 while establishing a $337.13 to $343 session range yesterday.
4 months ago, the ratings, benchmarks, analytics and data provider fell to a low of $286.62 but has since recovered 19.04%.
S&P Global could begin to recover as it approaches significant support, now $2.17 away from $335.61. Dipping below could be an indication that further losses are ahead. Despite being in the red so far in the current trading session, S&P Global peaked above its 3 day Simple Moving Average around $342.03 — typically an early indicator of a new bullish trend beginning to emerge. S&P Global's lower Bollinger Band® is at $331.62, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
Overall, looking at the technical analysis landscape, although technical indicators are mixed and pointing in different directions, it seems S&P Global is set to appreciate despite today's setback.
Fundamental indicators – United States Initial Jobless Claims beat the 195,000 projections, with 190,000.
S&P Global was not the only decliner in the financials sector; Royal Bank Of Canada went down to $98.33, losing 3.1% after it closed at $101.48 yesterday. BlackRock lost 1.29% yesterday and closed at $680.56.
On the other hand, positive performances could be seen by looking at other financials stocks as American Express was up 1.1%.
Upcoming fundamentals: United States ISM Non-Manufacturing PMI (Feb) scheduled to come out tomorrow at 15:00 UTC.