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March 07, 2023
- S&P Global's fall makes for its largest single-day drop in September 2022.
- S&P Global breaks $10.87 below established support around $347.52
A tough session dominated by bearish sentiment left S&P Global $14.67 lower, while setting a $336.04 to $350.63 session range.
Trending downwards for around a month. The financial analytics company is now trading 22.57% above the significant low ($286.62) it slumped to 4 months ago.
S&P Global chart analysis: S&P Global fell below the $347.52 support zone and moved $10.87 beyond it; the next level of support with significant buyer interest is estimated at $343.71. With regards to technical trend indicators, chart analysis show that S&P Global made an initial break below its 200 day Simple Moving Average at $345.83, a possible indication of a forthcoming negative trend. Price action pushed below a known Fibonacci support level at $337.78 by around $1.13 with prices hammering out a $336.04 – $350.63 range by session close. According to asset volatility analysis, S&P Global's lower Bollinger Band® is at $330.53, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
With market volatility ebbing, the current technical outlook indicates S&P Global will remain range-bound for the immediate future.
Fundamental indicators – United States API Weekly Crude Oil Stock came out at -3.83 million, while a consensus of analysts was expecting -308,000.
S&P Global was not the only decliner in the financials sector; Wells Fargo & Company falls 4.68% today to close at $46.63. JP Morgan Chase closed at $138.62 (down 2.94%). Goldman Sachs went down to $346.08, losing 3.07% after it closed at $357.05 today.
Upcoming fundamentals: United States Crude Oil Inventories projected to decline to -308,000 while previous data was 1.17 million; data will be released tomorrow at 15:30 UTC.
