S&P 500 and FTSE 100 charts (Nov 23, 2018): bears giving bulls a tough time


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S&P 500 index chart pattern

In a trading week shortened by Thanksgiving holiday, the daily bar chart pattern of S&P 500 conceded further ground to bears. The index lost more than 100 points (3.8%) on a weekly closing basis.

Though the index closed well below its three EMAs in bear territory, technical confirmation of a bear market (‘death cross’ of the 50 day EMA below the 200 day EMA) is still awaited.

Note that Friday’s curtailed trading formed a ‘gravestone doji’ candlestick pattern, which can lead to a pullback towards the plummeting 20 day EMA. 

Daily technical indicators are looking bearish. MACD is falling below its signal line in bearish zone. RSI is sliding down below its 50% level. Slow stochastic has dropped inside its oversold zone, and is showing negative divergence by touching a lower bottomExpect some consolidation before the bears strike again. 

On longer term weekly chart (not shown), the index closed below its 20 week and 50 week EMAs, but well above its 200 week EMA in a long-term bull market. Weekly technical indicators are in bearish zones and showing downward momentum. MACD is falling below its signal line. RSI and Stochastic are falling below their respective 50% levels.

FTSE 100 index chart pattern


The daily bar chart pattern of FTSE 100 faced strong resistance from its falling 20 day EMA, and continued its downward slide during the week. The index closed just above 6950, but lost 61 points (0.9%) on a weekly closing basis.

All three EMAs are falling and the index is trading below them in a bear market. The British Prime Minister’s BrExit deal with the EU can face a tough passage through the House of Commons. Till then, the market sentiments may remain bearish. (At the time of writing this post, the index has recovered around 70 points.) 

Daily technical indicators are looking bearish. MACD is entangled with its signal line and is moving sideways in bearish zone. RSI is below its 50% level. Stochastic has bounced up from the edge of its oversold zone. Some consolidation or correction is likely. 

On longer term weekly chart (not shown), the index closed below its three weekly EMAs in long-term bear territory. Weekly technical indicators are in bearish zones. MACD is falling below its signal line. RSI is below its 50% level. Stochastic has entered its oversold zone.

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