S&P 500 and FTSE 100 charts (Jan 04, 2019): pullback rallies facing bear resistance


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S&P 500 index chart pattern

In a holiday shortened trading week, the daily bar chart pattern of S&P 500 continued to show volatility. It closed just above 2505 on Mon. & Wed. (Dec 31 & Jan 2), dropped to close below 2450 on Thu. Jan 3, and then bounced up to close at 2532 on Fri. Jan 4 – gaining 46 points (1.8%) on a weekly closing basis.

Note that the index is facing resistance from its 20 day SMA (middle Bollinger Band marked by green dotted line), and is trading well below its falling 50 day and 200 day EMAs in a bear market.

Daily technical indicators have corrected oversold conditions, but remain in bearish zones. MACD has crossed above its signal line in its oversold zone. RSI and Slow stochastic are rising towards their respective 50% levels. Bears may use the pullback rally to sell.

On longer term weekly chart (not shown), the index closed above its 200 week EMA in long-term bull territory, but remains well below its falling 20 week and 50 week EMAs. Weekly technical indicators are in bearish zones. MACD is falling inside its oversold zone. RSI has bounced up from the edge of its oversold zone. Slow stochastic is trying to emerge from its oversold zone.

FTSE 100 index chart pattern


The daily bar chart pattern of FTSE 100 continued with its pullback rally, gaining more than 100 points (1.5%) on a weekly closing basis. The index managed to close above its 20 day EMA after more than a month, but expectedly faced resistance from the 6850 level.

Why expectedly? Note that the index had received support from the 6850 level in Oct ’18, and earlier in Mar ’18. When a long-term support level gets breached, it often acts as a resistance level during future up moves. Bears know that, and may strongly defend the 6850 level.

(At the time of writing this post, the index is trading near 6811 – about 60 points lower than its intra-day high of 6871.)

Daily technical indicators are looking bullish. MACD is rising above its signal line in bearish zone. RSI has moved above its 50% level. Stochastic has climbed to the edge of its overbought zone, and can limit near-term index upside

On longer term weekly chart (not shown), the index recovered 300 points from its 2 years low (touched on Dec 27 ’18) to close above 6800. It remains below its three weekly EMAs in long-term bear territory. Weekly technical indicators are correcting oversold conditions. MACD is turning up inside its oversold zone. RSI and Stochastic are rising in their respective bearish zones. 

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