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April 09, 2023- Despite dipping below $335.77 as support, market bulls are still in control
- Price action fails to breach Fibonacci support at $337.78 and bounces $3.08 upon testing
S&P Global's downtrend has seen it decline 1.6% in 3 days Thursday's session continued the recent downtrend: the ratings, benchmarks, analytics and data provider found support around the $340.86 level, after closing Wednesday at $344.6 and dropping by 1.09% Thursday.
5 months ago, the financial analytics company fell to a low of $286.62 but has since recovered 20.23%.
S&P Global made an initial break below its 21 day Simple Moving Average at $336.92, a possible indication of a forthcoming negative trend. S&P Global's upper Bollinger Band® is at $348.69 which indicates a further downward move may follow. On the other hand, note that although S&P Global is pointing down today (was as low as $334.5), it's climbing away from the $335.77 support line and is now $5.09 above it.
Several technical indicators are adding weight to the bearish momentum seen Thursday and forecasting S&P Global to extend its recent losses.
S&P Global was not the only decliner in the financials sector; American Express lost 1.4% Thursday and closed at $158.83.
On the other hand, positive performances could be seen by looking at other financials stocks as Wells Fargo & Company added 2.74% to its value, and traded at $37.9. HSBC Holdings gained 1.41%, as it traded at $35.18.
