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February 27, 2023- Bearish mood sees S&P Global flirting with support target at $340.33
- Lower Bollinger Band® at around $340.69
S&P Global's downtrend has seen it decline 7.34% in 9 days Friday's session continued down the same path: the financial analytics company hovered around the $343.38 level after closing Thursday at $348.13 and shedding 1.36%, as it reached reached Friday's session close.
S&P Global hit a significant low of $286.62 around 4 months ago, but has since recovered 21.46%.
Chart analysis indicates S&P Global could begin to recover as it approaches significant support, now $3.05 away from $340.33. Dipping below could be an indication that further losses are ahead. Trend-following investors would be interested to note that 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. Analysis based on the asset volatility indicates that Bollinger Bands® shows an indication of recovery: the lower band is at $340.69, a low enough level to, generally, suggest that S&P Global is trading below its fair value.
With market volatility ebbing, the current technical outlook indicates S&P Global will remain range-bound for the immediate future.
S&P Global was not the only decliner in the financials sector; The Blackstone Group Inc. slides down 2.15% Friday to close at $91.
On the other hand, positive performances could be seen by looking at other financials stocks as The Charles Schwab gained 2.06%, as it traded at $80.6. JP Morgan Chase added 0.9% to its value, and traded at $140.93.
Upcoming fundamentals: United States Core Durable Goods Orders is projected to outperform its last figure with 0.1%. It previously stood at -0.2%; data will be released today at 13:30 UTC.
