S&P Global builds bearish momentum towards key support at $357.72

• Bearish mood sees S&P Global flirting with support target at $357.72
• S&P Global's upper Bollinger Band® is at $365.54 which indicates a further downward move may follow.

Though in the midst of a 6 day uptrend, gaining a total of 3.68%, ($14.67), The prevailing bullish trend is beginning to fade following yesterday's downbeat session. The financial analytics company has recovered almost all of its session losses after dipping down to $358.11 yesterday.

The stock has been trending positively for about 2 months. 6 months ago, the financial analytics company fell to a low of $286.62 but has since recovered 26.36%.

Support/Resistance levels obtained from chart analysis indicate that S&P Global could begin to recover as it approaches significant support, now $2.57 away from $357.72. Dipping below could be an indication that further losses are ahead. Trend-following investors would be interested to note that investors are seeking long positions as S&P Global price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. According to asset volatility analysis, S&P Global's upper Bollinger Band® is at $365.54 which indicates a further downward move may follow.

Overall, while S&P Global has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.

Fundamental indicators – United States Producer Price Index released earlier showed a marked improvement to 0.2% from the preceding data of -0.4%, but fell short of the 0.3% figure forecast by a consensus of market analysts.

S&P Global was not the only decliner in the financials sector; HDFC Bank Limited stumbles 1.76% yesterday to close at $68.33. Morgan Stanley closed at $82.63 (down 1.3%).

On the other hand, positive performances could be seen by looking at other financials stocks as The Blackstone Group Inc. added 0.85% to its value, and traded at $83.28.