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June 23, 2023- Bearish market sentiment insufficient to push S&P Global into testing pivotal support level at $381.85
- Medium-term trend indication turns negative after MACD index generates a crossover sell signal
S&P Global's bearish run has lasted 5 days so far (-$10.87). Yesterday's session continued down the same path: the ratings, benchmarks, analytics and data provider has recovered almost all of its session losses after dipping down to $383.82 yesterday.
The stock has been trending positively for about 3 months. The ratings, benchmarks, analytics and data provider has fallen back around 2.72% over the past 8 days, from a notable high of $400.
The MACD index is indicating that momentum is shifting from bullish to bearish following a negative crossover. When the MACD falls below the signal line, it is typically considered to be a bearish development favoring short positions. In contrast, although S&P Global is pointing down today (was as low as $383.82), it's climbing away from the $381.85 support line and is now $6.39 above it.
Looking forward, S&P Global is poised to extend its strong downtrend and continue declining.
Fundamental indicators – United States Crude Oil Inventories fell short of the 1.87 million projections, with new data of -3.83 million.
S&P Global was not the only decliner in the financials sector; JP Morgan Chase falls 1.93% yesterday to close at $142.32. HSBC Holdings closed at $38.7 (down 1.83%). Morgan Stanley went down to $84.5, losing 2.13% after it closed at $86.34 yesterday.
Upcoming fundamentals: United States Services PMI figure is projected at 54. It previously stood at 54.9; data will be released today at 13:45 UTC.
