S&P 500 and FTSE 100 charts (Jul 12, 2019): bears try their best to stop charging bulls


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S&P 500 index chart pattern

An expected pullback towards the support level of 2954 on the daily bar chart pattern of S&P 500 touched an intra-day low of 2963 on Tue. Jun 9. Bulls decided to ‘buy the dip’. 

The index formed a ‘reversal day’ bar (lower low, higher close), which triggered a quick rally past the 3000 level to a new high of 3014 on Fri. Jul 12. The index gained 23 points (0.8%) on a weekly closing basis.

Daily technical indicators are looking overbought. MACD is rising above its signal line inside its overbought zone. RSI has entered its overbought zone. Slow stochastic is climbing inside its overbought zone, but showing negative divergence by failing to touch a new high with the index. 

Some consolidation or correction is possible. All three EMAs are rising, and the index is trading well above them in a bull market. 

On longer term weekly chart (not shown), the index closed well above its three rising weekly EMAs in a long-term bull marketWeekly technical indicators are  looking bullish and overbought, and showing negative divergences by failing to touch new highs with the index.

FTSE 100 index chart pattern


The daily bar chart pattern of FTSE 100 consolidated sideways with a downward bias during the week. After closing above the support level of 7529 during the first three days, the index slipped below 7529 on Thu. Jun 11.

The 20 day EMA provided good support. The index managed to close above the 7500 level and its three EMAs in bull territory. FTSE lost 47 points (0.6%) on a weekly closing basis.

Daily technical indicators are in bullish zones but looking bearish. MACD has crossed below its signal line. RSI and Stochastic are falling towards their respective 50% levels. Some more consolidation or correction is likely.

On longer term weekly chart (not shown), the index closed above its three weekly EMAs in long-term bull territory for the sixth straight week. Weekly technical indicators are in bullish zones. MACD has crossed above its signal line. RSI is slowing slight downward momentum above its 50% level. Stochastic has slipped down from its overbought zone. 

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