SPGI climbs to highest close ever
S&P Global Inc. (SPGI) Technical Analysis Report for Jul 12, 2019 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, SPGI finished the week 1.8% higher at 241.26 after gaining $2.82 (1.18%) today, outperforming the S&P 500 (0.46%). Today's close at 241.26 marks the highest recorded closing price ever. Trading up to $1.47 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (SPGI as at Jul 12, 2019):
Friday's trading range has been $3.28 (1.37%), that's slightly above the last trading month's daily average range of $3.22. Weekly volatility is also higher, being above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for SPGI.
One bullish candlestick pattern matches today's price action, the White Candle.
Crossing above the upper Bollinger Band for the first time since July 5th, prices have shown unusually strong upward momentum in the short-term. This might either indicate a potential buying climax after which prices could head back down towards the mean of the Bollinger Bands at 231.23 or signal the beginning of a strong momentum breakout leading to even higher prices. The last time prices broke out above the upper Bollinger Band on July 2nd, SPGI gained 1.34% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "3 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for S&P Global. Out of 169 times, SPGI closed higher 57.99% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 62.13% with an average market move of 0.72%.