SPGI unable to break through key resistance level
SPGI ended the week 1.64% higher at 201.32 after gaining $0.37 (0.18%) today. Closing within the prior day's range, prices failed to decisively move past the previous day's trading range.
Friday's trading range was $2.18 (1.09%), that's slightly below last trading month's daily average range of $3.11. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being above average.
Unable to break through the key technical resistance level at 201.34, the market closed below it after spiking as high as 201.93 during the day. The failure to close above the resistance could increase that levels importance as resistance going forward.
Although S&P Global, is currently in a short-term down trend, this might just be a correction, as the medium and long term trends are both positive.
Buying could speed up should prices move above the close-by swing high at 203.19 where further buy stops might get activated.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being slightly bearish.
Market Conditions for S&P Global, Inc.
|Close to S1 Support||TQ Pro Members Only|
|High close to previous High||TQ Pro Members Only|
|High close to previous two Highs||TQ Pro Members Only|
|Bearish Spinning Top||TQ Pro Members Only|
|Close to Swing Low||TQ Pro Members Only|
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