SPGI dominated by bulls lifting the market higher throughout the day
S&P Global Inc. (SPGI) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
SPGI finished the week 4.12% higher at 307.65 after surging $6.30 (2.09%) today, notably outperforming the S&P 500 (0.18%) ahead of tomorrow's Presidents' Day market holiday. Today's close at 307.65 marks the highest recorded closing price ever. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Thursday's high at 303.82, the market confirmed its breakout through the previous session high after trading up to $3.88 above it intraday.
Daily Candlestick Chart (SPGI as at Feb 14, 2020):
Friday's trading range has been $7.15 (2.37%), that's far above the last trading month's daily average range of $5.01. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for SPGI.
Two candlestick patterns are matching today's price action, the White Candle which is known as bullish pattern and one bearish pattern, the Bearish Hikkake Pattern. The last time a Bearish Hikkake Pattern showed up on February 4th, SPGI lost -1.06% on the following trading day.
Crossing above the upper Bollinger Band for the first time since Wednesday, 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 297.33 or signal the beginning of a strong momentum breakout leading to even higher prices.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the 12 market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "Close above the upper Bollinger Band" stand out. Its common bullish interpretation has been confirmed for S&P Global. Out of 215 times, SPGI closed higher 54.42% 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 66.05% with an average market move of 0.68%.