- S&P Global is eyeing the $359.48 support level
- Price action is currently stuck around the active Fibonacci support level of $367.77
Having fallen $17.31 in 6 days, More of the same from yesterday's session: the ratings, benchmarks, analytics and data provider has recovered almost all of its session losses after dipping down to $362.96 yesterday.
The stock has been trending positively for about a month. The ratings, benchmarks, analytics and data provider has gained 8.44% since its lowest print of $286.62 earlier this year.
Trend and momentum analysis indicates that S&P Global made an initial break below its 21 day Simple Moving Average at $367.75, a possible indication of a forthcoming negative trend. Price action remains constrained around the key Fibonacci level of $367.77 currently serving as support. If price action breaks below, the next Fib hurdle is $355.66. According to asset volatility analysis, S&P Global's lower Bollinger Band® is at $359.08, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. Analysis of S&P Global's recent price action suggests S&P Global could begin to recover as it approaches significant support, now $4.17 away from $359.48. Dipping below could be an indication that further losses are ahead.
With market volatility ebbing, the current technical outlook indicates S&P Global will remain range-bound for the immediate future.
Fundamental indicators – United States Initial Jobless Claims published yesterday at 13:30 UTC came out at 196,000, falling short of the 190,000 projections and continuing its decline from the previous 183,000 figure.
S&P Global was not the only decliner in the financials sector; The Blackstone Group Inc. closed at $91.87 (down 2.91%). Bank of America closed at $35.72 (down 2.14%). JP Morgan Chase went down 1.56%, closed at $142.64.