Price action backs away from resistance at $371.88 despite bullish mood
The lower Bollinger Band® is currently at $352.04 while the higher band is at $371.6

S&P Global has posted further gains as part of a 6 day trend that has already seen the stock gain $11.23. Yesterday's session pointed in the same direction — after closing at $367.43 on Wednesday, S&P Global maintained a strong bullish bias that helped the stock close higher at $369 yesterday. However, market bears ensured the the ratings, benchmarks, analytics and data provider topped out at $371.54 and that by the end of the session, the market had marked out a distinct $365.42 to $371.54 range.

The stock has been trending positively for about 2 months. 7 months ago, the financial analytics company fell to a low of $286.62 but has since recovered 28.19%.

Trend and momentum analysis indicates that investors are seeking long positions as S&P Global price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. Analysis based on the asset volatility indicates that Bollinger Band® analysis indicates that current price action is approaching the upper band at $371.6, thereby suggesting that S&P Global is becoming overvalued. A study of S&P Global's historical price actions shows although S&P Global is appreciating today after rising as high as $371.54, price action is now slowing and consolidating around $2.89 below the $371.88 resistance level.

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 Crude Oil Inventories improved upon its previous reading of -12.46 million with a new data release of 4.49 million.

A look at other financials stocks also showed bullish price action as Visa Inc. added 2.47% to its value, and traded at $226.5. American Express gained 2.62%, as it traded at $162.72.

S&P Global went up yesterday, yet these financials stocks did not follow — Goldman Sachs closed at $316.4 (down 2.32%).

Upcoming fundamentals: United States Non Farm Payrolls expected to decline to 180,000 while its preceding data was 253,000, data will be available today at 12:30 UTC.