S&P 500 and FTSE 100 charts (Mar 15, 2019): trying to overcome resistance levels


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S&P 500 index chart pattern

The daily bar chart pattern of S&P 500 shows that bulls are trying their best to break free from bear domination. The index bounced up after receiving support from its 50 day EMA, and made another attempt to climb above the resistance zone (between 2800 and 2825).

After a brief setback on Thu. Mar 14, the index rose to touch an intra-day high of 2831 – its highest level in 5 months – but failed to sustain above the resistance zone. 

The index closed above its three EMAs in a bull market, gaining 2.9% on a weekly closing basis. Friday’s volume spike may be a sign of a ‘buying climax’.

Daily technical indicators are looking bullish. MACD is ready to cross above its falling signal line in bullish zone. RSI is rising towards its overbought zone. Slow stochastic is inside its overbought zone. 

All three indicators are showing negative divergences by failing to touch new highs with the index. Some consolidation or correction may follow.

On longer term weekly chart (not shown), the index closed above its three weekly EMAs in a long-term bull market for the seventh week in a rowWeekly MACD has entered bullish zone. RSI has bounced up after receiving support from its 50% level. Slow stochastic is inside its overbought zone.

FTSE 100 index chart pattern


The daily bar chart pattern of FTSE 100 received good support from its rising 50 day EMA on Tue. Mar 12, and rose to touch an intra-day high of 7244 on Fri. Mar 15 – but failed to overcome strong resistance from its 200 day EMA.

The index gained 1.7% on a weekly closing basis. However, the volume spike on Friday may be a sign of a ‘buying climax’.

Daily technical indicators are looking bullish. MACD is poised to cross above its falling signal line in bullish zone. RSI is rising above its 50% level. Stochastic has entered its overbought zone. FTSE may make another attempt to cross above its 200 day EMA. 

Uncertainty regarding the BrExit process continues. The British PM may ask for an extension of time (beyond Mar 29) at the EU summit on Mar 21.

On longer term weekly chart (not shown), the index received support from its 20 week EMA and bounced up to close above its three weekly EMAs in long-term bull territory. 

Weekly technical indicators are looking bullish. MACD is rising above its signal line in bearish zone. RSI has bounced up after receiving support from its 50% level. Stochastic has re-entered its overbought zone.

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