S&P 500 and FTSE 100 charts (May 24, 2019): bears trying to exert control


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S&P 500 index chart pattern

The following comment was made in last week’s post on the daily bar chart pattern of S&P 500: The index remains in a down trend (marked by purple trend line) that started after the index touched a lifetime high of 2954 on May 1.”

The index traded below the (purple) down trend line through the week. It made an attempt to move above its 50 day EMA on Tue. and Wed. (May 21 and 22), but dropped down to close below it – losing 1.2% on a weekly closing basis.

On Thu. May 23, the index tested support from the 2800 level for the second time since Mon. May 13, and bounced up a bit – keeping bullish hopes alive. As long as the index trades above its 200 day EMA, bulls need not worry too much.

Daily technical indicators are in bearish zones, and showing downward momentum. MACD is falling below its signal line. RSI has dropped down again after facing resistance from its 50% level. Slow stochastic had bounced up from the edge of its oversold zone, but is falling down towards it once more. 

Some more correction, and a test of support from the 200 day EMA can be expected. A breach of the 200 day EMA can drop the index to the 2700-2725 zone.

On longer term weekly chart (not shown), the index dropped below its 20 week EMA for the 2nd week in a row, but bounced up to close above its three weekly EMAs in a long-term bull marketWeekly technical indicators are in bullish zones, but showing downward momentum – hinting at some more correction. 

FTSE 100 index chart pattern


The following comment was made in last week’s post on the daily bar chart pattern of FTSE 100: A convincing move above the Apr 23 top of 7529 is necessary to complete the ‘cup and handle’ pattern.”

The index made a feeble attempt to rise higher – touching a much lower top of 7373 on Wed. Mar 22 – but dropped down to test support from its 200 day EMA the next day.

Though the index bounced up to close just above 7275 in bull territory on Fri. May 24, it lost 70 points (~1%) on a weekly closing basis.

Daily technical indicators are giving conflicting signals. MACD is seeking support from its signal line in bearish zone. RSI is rising towards its 50% level after falling below it. Stochastic has moved above its 50% level after falling below it.

Expect some consolidation before the index can make another attempt to move above the Apr 23 top of 7529, which is necessary to complete the ‘cup and handle’ pattern.

On longer term weekly chart (not shown), the index dropped below its merged 20 week and 50 week EMAs, but bounced up to close above its three weekly EMAs in long-term bull territory. Weekly technical indicators are looking neutral to bearish, and showing slight downward momentum. 

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