SPGI pushes through Wednesday's high
S&P Global Inc. (SPGI) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, SPGI ended Thursday at 244.95 gaining $17.76 (7.82%), strongly outperforming the S&P 500 (6.24%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 234.70, S&P Global confirmed its breakout through the previous session high after trading up to $11.85 above it intraday.
Daily Candlestick Chart (SPGI as at Mar 26, 2020):
Thursday's trading range has been $16.14 (6.97%), that's slightly below the last trading month's daily average range of $17.66. Things look different on the weekly timeframe, where the market's trading range of the last week has been above the market's average weekly trading range. The longer-term, monthly volatility is currently significantly higher than usual for SPGI.
One bullish candlestick pattern matches today's price action, the White Candle.
The market managed to close above the 20-day moving average at 241.74 for the first time since March 4th. When this moving average was crossed above the last time on March 4th, SPGI actually lost -5.96% on the following trading day. Prices are trading close to the key technical resistance level at 249.92 (R1).
Although the stock is experiencing a short-term uptrend, this might just be a correction, as both the medium and long-term trends are still bearish.
Among the seven 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 172 times, SPGI closed higher 56.40% 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 65.12% with an average market move of 0.85%.