S&P 500 and FTSE 100 charts (Nov 02, 2018): bulls fight back but bears not ready to give up control yet

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S&P 500 index chart pattern

The following comments appeared in last week’s post on the daily bar chart pattern of S&P 500: RSI and Slow stochastic are showing positive divergences by not falling lower with the index. A likely technical bounce may face more selling by bears.”

The expected technical bounce took the index briefly above the Fibonacci support/resistance zone between 2689 and 2737 (shaded area on chart) when the index closed at 2740 on Thu. Nov 1. 

On Fri. Nov 2, the index touched an intra-day high of 2756, but faced resistance from its falling 20 day EMA and dropped back inside the support/resistance zone – forming a ‘reversal day’ bar (higher high, lower close) in the process.

Daily technical indicators have corrected oversold conditions but are not showing much upward momentum. MACD has crossed above its signal line in bearish zone. RSI bounced up from the edge of its oversold zone, but has stopped short of its 50% level. Stochastic crossed above its 50% level, but has turned downwards. Expect some correction or consolidation.

On longer term weekly chart (not shown), the index closed below its 20 week and 50 week EMAs but well above its rising 200 week EMA in a long-term bull market. Weekly technical indicators are looking bearish. MACD is falling below its signal line in bullish zone. RSI is below its 50% level. Stochastic has emerged from its oversold zone. 

FTSE 100 index chart pattern

A technical bounce was expected in last week’s post on the daily bar chart pattern of FTSE 100. The bounce took the index to a close above 7120 on Wed. Oct 31.

The index touched an intra-day high of 7196 on Fri. Nov 2, but closed more than 100 points lower – forming a ‘reversal day’ bar (higher high, lower close) that can trigger some more selling.

Daily technical indicators are turning a bit bearish. MACD is rising above its signal line in bearish zone, but its upward momentum is slowing down. RSI faced resistance from its 50% level and has turned downwards. Stochastic has dropped from its overbought zone. Some correction or consolidation is likely. (At the time of writing this post, the index is trading below 7100.)

On longer term weekly chart (not shown), the index closed below its 20 week and 50 week EMAs but just above its 200 week EMA in long-term bull territory. Weekly technical indicators are in bearish zones. MACD is falling below its signal line in bearish zone. RSI and Stochastic have emerged from their respective oversold zones. 

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