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May 04, 2023
- $6.05 is S&P Global's largest single-day drop in 6 weeks and a half.
- Price action broke $1.35 below known Fib level ($351.32)
Having fallen $6.63 in 3 days, Yesterday's session continued the recent downtrend: grinding lower but with no clear-cut direction, the financial analytics company closed the session at $349.97 after forming a distinct $349.86 – $358.34 range.
The stock has been trending positively for about a month. 6 months ago, the financial analytics company fell to a low of $286.62 but has since recovered 24.21%.
S&P Global made an initial break below its 10 day Simple Moving Average at $352.64, a possible indication of a forthcoming negative trend. Bearish sentiment was sufficient to push prices below the known Fib level of $351.32 serving as intraday support. In contrast, S&P Global could begin to recover as it approaches significant support, now $2.86 away from $347.11. Dipping below could be an indication that further losses are ahead.
Several technical indicators are adding weight to the bearish momentum seen yesterday and forecasting S&P Global to extend its recent losses.
Fundamental indicators – United States Interest Rate came out at 5.25, while a consensus of analysts was expecting 5.25.
S&P Global was not the only decliner in the financials sector; JP Morgan Chase lost 2.12% yesterday and closed at $135.98. Morgan Stanley slides down 1.78% yesterday to close at $86.29. The Blackstone Group Inc. went down 1.93%, closed at $84.66.
Upcoming fundamentals: United States Non Farm Payrolls projected to come out at 180,000 — worse than previous data of 236,000; data will be released tomorrow at 12:30 UTC.
