The daily bar chart pattern of S&P 500 consolidated sideways in a narrow range during the first four days of the trading week before rising to close just below the 2400 level on Fri. May 5 - its highest closing level ever.
The smaller volume bar on Friday may be the reason why the index failed to move above the resistance level of 2400.
Remember that a resistance level gets weakened with frequent tests. The 2400 level has been tested twice in 8 trading sessions, and may get breached soon.
Daily technical indicators are in bullish zones, but showing negative divergences by failing to rise to their Mar 1 (previous top) levels. Some more consolidation below 2400 is possible.
The index is trading above its three rising EMAs in a bull market. It is only a matter of time before the two months long consolidation comes to an end.
On longer term weekly chart (not shown), the index closed well above its three rising weekly EMAs in a long-term bull market. Weekly technical indicators are showing some upward momentum and are about to re-enter overbought zones.
FTSE 100 index chart pattern
The daily bar chart pattern of FTSE 100 has been in a down trend (marked by purple down trend line) after touching a new high of 7447 on Mar 17, and has formed a bearish pattern of 'lower tops, lower bottoms'.
The index bounced up after receiving good support from the 7200 level, and crossed above its 20 day and 50 day EMAs on Fri. May 5 to close just below 7300.
The index is trading above its three EMAs in a bull market, but requires a convincing move above the (purple) down trend line to reverse the 7 weeks long down trend.
Daily technical indicators are starting to look bullish. MACD has crossed above its signal line in negative zone. RSI and Slow stochastic have moved above their respective 50% levels.
Another attempt to breach the down trend line is a possibility.
On longer term weekly chart (not shown), the index closed above its three weekly EMAs in a long-term bull market. Weekly MACD and Slow stochastic are still looking bearish, but RSI has bounced up after finding support from its 50% level.