S&P 500 and FTSE 100 charts (Jan 25, 2019): pullback rallies hit road blocks


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S&P 500 index chart pattern

Note the following comment from last week’s post on the daily bar chart pattern of SPX 500: Bears can be expected to put up a stronger resistance when trading starts on Tue. Jan 22 (after the long weekend).”

On cue, the index retreated on Tue. Jan 22 but received good support from its 50 day EMA. After consolidating sideways within a narrow range for the next two days, the index opened with an upward ‘gap’ on Fri. Jan 25, and crossed above the (purple) down trend line intra-day.

However, it dropped down to close exactly on the down trend line – losing 6 points during the truncated trading week. Bulls have their work cut out to overcome twin overhead resistances from the upper Bollinger Band and the 200 day EMA. Bears are unlikely to give up control in a hurry.

Daily technical indicators are in bullish zones, but not showing much upward momentum. MACD is rising above its signal line. RSI is moving sideways above its 50% level. Slow stochastic has bounced up weakly from the edge of its overbought zone. The index is trading below its 200 day EMA in bear territory.

On longer term weekly chart (not shown), the index closed well above its 200 week EMA in long-term bull territory, but faced resistance from its 20 week EMA and closed just below it. Weekly MACD is rising in bearish zone. RSI is facing resistance from its 50% level. Slow stochastic has moved above its 50% level.

FTSE 100 index chart pattern


The daily bar chart pattern of FTSE 100 touched an intra-day high of 6988 on Mon. Jan 21 but closed lower at 6971. By failing to close above the Jan 11 top of 7002, the bullish ‘inverse head and shoulders’ pattern (refer last week’s post) got negated.

Bears used the rise to sell. The index dropped down during the rest of the week and closed at 6809 – losing more than 150 points (2.3%) on a weekly basis. (At the time of writing this post, the index is trading more than 30 points lower.)

Daily technical indicators have turned bearish. MACD has crossed below its signal line in neutral zone. RSI has dropped below its 50% level. Stochastic has entered its oversold zone

The index is trading below its three EMAs in a bear market. Some more correction is likely. 

On longer term weekly chart (not shown), the index faced twin resistances from its 20 week and 200 week EMAs and closed below its three weekly EMAs in long-term bear territory. Weekly technical indicators are in bearish zones. MACD has crossed above its falling signal line inside its oversold zone. RSI is falling below its 50% level. Stochastic has dropped below its 50% level. 

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