- Price action is gradually approaching a key resistance hurdle at $301.08
- Medium-term trend indication has turned positive as the MACD index generated a crossover buy signal
After closing yesterday at $297.39, S&P Global peaked at $300.05 before giving up early gains and closing at $297.39.
Approximately 10 months ago, S&P Global reached a significant high of $478.97 but has struggled to hold onto its gains and declined 40.16% since then.
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. On the other hand, note that S&P Global is $3.69 away from testing key resistance at $301.08. Peaking above this level could inspire market bulls and open the path to further gains.
Overall, looking at the technical analysis landscape, it seems S&P Global might continue pointing upwards in the short term.
Fundamental indicators – United States NY Empire State Manufacturing Index (Oct) released yesterday at 12:30 UTC with a figure of -9.1, while the previous figure was -1.5.
A look at other financials stocks also showed bullish price action as JP Morgan Chase traded at $115.86 after closing yesterday's trading day at $111.19 (up 4.2%). Bank of America traded at $33.62 after closing yesterday's trading day at $31.7 (up 6.06%). HSBC Holdings was up 3.87%.
Upcoming fundamentals: 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.