The daily bar chart pattern of S&P 500 soared past its previous high of 2194 without a care in the world and touched a new lifetime high of 2213 during a holiday-shortened trading week.
The index is trading well above its three rising EMAs in a bull market. However, the past three weeks' rally has formed a steep 'rising wedge' pattern from which the likely breakout is downwards.
Volumes are sliding. All three daily technical indicators are looking overbought, which can trigger some correction and/or consolidation.
On longer term weekly chart (not shown), the index closed well above its three weekly EMAs in a long-term bull market for the 38th week in a row. All three indicators are in bullish zones but 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 gradually moved up during the week, but failed to overcome resistance from its 50 day EMA.
At the time of writing this post, the index has corrected down a bit, though it remains above the support level of 6700.
Bears will retain the upper hand as long as the index trades below the downward-sloping trend line, and keep the door open for a fall below 6700.
Daily technical indicators are in bearish zones and not showing much upward momentum. Some more sideways consolidation is likely.
On longer term weekly chart (not shown), the index closed above its three weekly EMAs in a long-term bull market for the 22nd week in a row. Weekly MACD and RSI are in bullish zones but not showing any upward momentum. Slow stochastic is below its 50% level in bearish zone.