S&P 500 index chart pattern
The following remarks were made in last week's post on the daily bar chart pattern of S&P 500: "The rally may be losing steam. That will be just the incentive bears need to go on the offensive once again."
The rally did lose steam, as the index consolidated sideways within a 50 points range in a holiday-curtailed trading week. Bulls managed to keep bears at bay by fighting back after two days of correction.
The index faced resistance from the 2750 level but closed above its three EMAs in bull territory, with a weekly gain of 15 points (0.55%). However, falling volumes on Thu. & Fri. may be hinting that the up move may not resume in a hurry.
Daily technical indicators are looking bullish. MACD has crossed above its signal line in bearish zone. RSI has moved above its 50% level. Slow stochastic is rising towards its overbought zone.
The 13 points downward 'gap' formed on Jan 30 has remained unfilled so far. It will be interesting to see if and when bulls can make an attempt to fill the 'gap'.
On longer term weekly chart (not shown), the index closed above its three weekly EMAs in a long-term bull market. Weekly technical indicators have corrected extremely overbought conditions. MACD has crossed below its signal line in bullish zone. RSI has bounced up after receiving support from its 50% level. Slow stochastic is seeking support from its 50% level.
FTSE 100 index chart pattern
The daily bar chart pattern of FTSE 100 failed to overcome strong resistance from the 7300 level. The index consolidated sideways with a downward bias, receiving good support from the 7200 level (marked by purple horizontal line).
Daily technical indicators are turning bullish. MACD has crossed above its signal line in bearish zone. RSI is rising towards its 50% level. Slow stochastic is about to cross above its 50% level.
Bears will retain the upper hand as long as the index remains below its falling 50 day and 200 day EMAs. (At the time of writing this post, FTSE is trading 20 points higher.)
On longer term weekly chart (not shown), the index closed below its 20 week and 50 week EMAs but above its 200 week EMA in a long-term bull market. Weekly MACD and Slow stochastic are in bearish zones. RSI is seeking support from its 50% level.
The following remarks were made in last week's post on the daily bar chart pattern of S&P 500: "The rally may be losing steam. That will be just the incentive bears need to go on the offensive once again."
The rally did lose steam, as the index consolidated sideways within a 50 points range in a holiday-curtailed trading week. Bulls managed to keep bears at bay by fighting back after two days of correction.
The index faced resistance from the 2750 level but closed above its three EMAs in bull territory, with a weekly gain of 15 points (0.55%). However, falling volumes on Thu. & Fri. may be hinting that the up move may not resume in a hurry.
Daily technical indicators are looking bullish. MACD has crossed above its signal line in bearish zone. RSI has moved above its 50% level. Slow stochastic is rising towards its overbought zone.
The 13 points downward 'gap' formed on Jan 30 has remained unfilled so far. It will be interesting to see if and when bulls can make an attempt to fill the 'gap'.
On longer term weekly chart (not shown), the index closed above its three weekly EMAs in a long-term bull market. Weekly technical indicators have corrected extremely overbought conditions. MACD has crossed below its signal line in bullish zone. RSI has bounced up after receiving support from its 50% level. Slow stochastic is seeking support from its 50% level.
FTSE 100 index chart pattern
The daily bar chart pattern of FTSE 100 failed to overcome strong resistance from the 7300 level. The index consolidated sideways with a downward bias, receiving good support from the 7200 level (marked by purple horizontal line).
Daily technical indicators are turning bullish. MACD has crossed above its signal line in bearish zone. RSI is rising towards its 50% level. Slow stochastic is about to cross above its 50% level.
Bears will retain the upper hand as long as the index remains below its falling 50 day and 200 day EMAs. (At the time of writing this post, FTSE is trading 20 points higher.)
On longer term weekly chart (not shown), the index closed below its 20 week and 50 week EMAs but above its 200 week EMA in a long-term bull market. Weekly MACD and Slow stochastic are in bearish zones. RSI is seeking support from its 50% level.
No comments:
Post a Comment