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April 04, 2023
- $352.24 is S&P Global's highest rate in 4 weeks.
- Bollinger analysis indicates upper Band® is at $347.76
Stable at $346.41 and still trending upwards, Today's session put the brakes on the ongoing uptrend — although S&P Global increased from $346.27 to $352.24, the stock dropped back and is now priced at $346.41.
S&P Global hit a significant low of $286.62 around 5 months ago, but has since recovered 20.81%.
S&P Global made an initial breakout above its 50 day Simple Moving Average at $350.87, a potential indicator of a newly emerging bullish phase. S&P Global is approaching key support, around $3.76 away from $342.65. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls. On the other hand, note that S&P Global's upper Bollinger Band® is at $347.76, suggesting that a downward move may follow.
Although price action remains in a stalemate, technical analysis suggests S&P Global could be primed for a break to the upside.
Fundamental indicators – United States JOLTs Job Openings (Feb) released today at 14:00 UTC with a figure of 9.93 million, while the previous figure was 10.56 million.
Meanwhile, mixed performances were seen by other financials stocks as Morgan Stanley lost 2.68% today and closed at $84.82. Wells Fargo & Company drops 2.41% today to close at $37.72. Bank of America went down to $28, losing 2.13% after it closed at $28.59 today.
Upcoming fundamentals: United States Crude Oil Inventories is projected to outperform its last figure with -1.8 million. It previously stood at -7.49 million; data will be released tomorrow at 14:30 UTC.
