S&P 500 index chart pattern
The following comments were made in last week's post on the daily bar chart pattern of S&P 500: "Some more correction or consolidation is likely. Expect the support/resistance zone between 2780 and 2800 to provide good support on the downside."
On Wed. Aug 15, the index dropped sharply below its 20 day EMA but bounced up after receiving good support from the 'support/resistance zone' between 2780 and 2800. The index closed below its 20 day EMA at its lowest level in 2 weeks.
The index rallied during the next two days and managed to briefly move above the downward 'gap' formed back in Jan 30 before closing at the upper edge of the 'gap'.
All three EMAs are rising, and the index is trading above them in a bull market. A convincing move above the Aug 7 top of 2863 should take the index to a new lifetime high after almost 7 months.
Daily technical indicators are in bullish zones and showing some upward momentum. MACD has stopped falling below its signal line. RSI has bounced up after receiving support from its 50% level. Slow stochastic has moved above its 50% level after briefly falling below it.
Falling volumes on Thu. and Fri. (Aug 16 and 17) are a sign of tiring bulls. Bears may try to put up a last-ditch fight to prevent the index from rising to a new high. But their cause seems lost.
On longer term weekly chart (not shown), the index closed above its three rising weekly EMAs in a long-term bull market. Weekly MACD and Slow stochastic are inside their respective overbought zones. RSI is rising towards its overbought zone.
FTSE 100 index chart pattern
After touching a lifetime high of 7903.50 on May 22 '18, the daily bar chart pattern of FTSE 100 has been consolidating sideways within a downward-sloping channel.
On Wed. Aug 15, the index dropped below its 200 day EMA but bounced up to close above 7550 on Fri. Aug 17 - losing 1.4% on a weekly closing basis.
Daily technical indicators are in bearish zones. MACD is falling below its signal line. RSI has slipped below its 50% level and showing downward momentum. Stochastic has bounced up from the edge of its oversold zone.
Some more correction/consolidation within the downward-sloping channel is likely.
On longer term weekly chart (not shown), the index closed below its 20 week EMA but above its 50 week and 200 week EMAs in a long-term bull market. Weekly MACD is sliding down below its signal line in bullish zone. RSI is falling in bullish zone. Slow stochastic has fallen below its 50% level.
The following comments were made in last week's post on the daily bar chart pattern of S&P 500: "Some more correction or consolidation is likely. Expect the support/resistance zone between 2780 and 2800 to provide good support on the downside."
On Wed. Aug 15, the index dropped sharply below its 20 day EMA but bounced up after receiving good support from the 'support/resistance zone' between 2780 and 2800. The index closed below its 20 day EMA at its lowest level in 2 weeks.
The index rallied during the next two days and managed to briefly move above the downward 'gap' formed back in Jan 30 before closing at the upper edge of the 'gap'.
All three EMAs are rising, and the index is trading above them in a bull market. A convincing move above the Aug 7 top of 2863 should take the index to a new lifetime high after almost 7 months.
Daily technical indicators are in bullish zones and showing some upward momentum. MACD has stopped falling below its signal line. RSI has bounced up after receiving support from its 50% level. Slow stochastic has moved above its 50% level after briefly falling below it.
Falling volumes on Thu. and Fri. (Aug 16 and 17) are a sign of tiring bulls. Bears may try to put up a last-ditch fight to prevent the index from rising to a new high. But their cause seems lost.
On longer term weekly chart (not shown), the index closed above its three rising weekly EMAs in a long-term bull market. Weekly MACD and Slow stochastic are inside their respective overbought zones. RSI is rising towards its overbought zone.
FTSE 100 index chart pattern
On Wed. Aug 15, the index dropped below its 200 day EMA but bounced up to close above 7550 on Fri. Aug 17 - losing 1.4% on a weekly closing basis.
Daily technical indicators are in bearish zones. MACD is falling below its signal line. RSI has slipped below its 50% level and showing downward momentum. Stochastic has bounced up from the edge of its oversold zone.
Some more correction/consolidation within the downward-sloping channel is likely.
On longer term weekly chart (not shown), the index closed below its 20 week EMA but above its 50 week and 200 week EMAs in a long-term bull market. Weekly MACD is sliding down below its signal line in bullish zone. RSI is falling in bullish zone. Slow stochastic has fallen below its 50% level.
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