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February 22, 2023
- Price action is currently stuck around the active Fibonacci support level of $351.92
- Lower Bollinger Band® at around $351.39
S&P Global's bearish run has lasted 6 days so far (-$9.77). Yesterday's session continued the recent downtrend: the ratings, benchmarks, analytics and data provider hovered around the $350.79 level after closing Friday at $360.83 and shedding 2.78%, as it reached reached yesterday's session close.
The financial analytics company is up 25.89% from the significant low of $286.62 it hit 4 months ago.
S&P Global made an initial break below its 50 day Simple Moving Average at $355.69, a possible indication of a forthcoming negative trend. Price action remains constrained around the key Fibonacci level of $351.92 currently serving as support. If price action breaks below, the next Fib hurdle is $348.19. On the other hand, note that S&P Global could begin to recover as it approaches significant support, now $2.33 away from $348.46. Dipping below could be an indication that further losses are ahead. S&P Global's lower Bollinger Band® is at $351.39, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
Overall, looking at the technical analysis landscape, it seems that although indicators are mixed and some are pointing in different directions further drawbacks may be next for S&P Global.
Fundamental indicators – United States Existing Home Sales (Jan) came out at 4 million, while a consensus of analysts was expecting 4 million.
S&P Global was not the only decliner in the financials sector; BlackRock lost 2.85% yesterday and closed at $695.75. Wells Fargo & Company lost 2.63% yesterday and closed at $46.24.
On the other hand, positive performances could be seen by looking at other financials stocks as HSBC Holdings added 4.55% to its value, and traded at $39.04.
Upcoming fundamentals: United States Crude Oil Inventories expected to decline to 1.17 million while its preceding data was 16.28 million, data will be available tomorrow at 16:00 UTC.
