Closing Bell Technical Review | Tech analysis points to new bearish phase for S&P Global as it runs out of steam around $334.5

• The CCI indicator has fallen below -100 – a bearish signal

S&P Global rose $1.27 to close at $334 yesterday which makes for a move of 0.38%.

On a negative trend for around a month. The ratings, benchmarks, analytics and data provider is now trading 9% below its 3-month high of $418.95.

The Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored.

S&P Global is likely to reverse course and start pointing downward in the short term.

Upcoming fundamentals: United States Philadelphia Fed Manufacturing Index (Mar) is expected today at 12:30 UTC.