S&P 500 index chart pattern
The daily bar chart pattern of S&P 500 bounced up after receiving support from its 20 day SMA (blue dotted line) and rose to penetrate the upper Bollinger Band on Thu. Sep 20.
On Fri., the index touched a new high of 2941 with a huge volume surge, but formed a small 'reversal day' bar (higher high, lower close). That can trigger a corrective move towards the lower Bollinger Band.
Daily technical indicators are bullish and looking overbought. MACD has crossed above its signal line and is poised to re-enter overbought zone. RSI is facing resistance from the edge of its overbought zone. Slow stochastic is inside its overbought zone. All three indicators are showing negative divergences by touching lower tops.
On longer term weekly chart (not shown), the index closed above its three rising weekly EMAs in a long-term bull market. Weekly technical indicators are looking overbought. MACD is rising above its signal line inside its overbought zone. RSI is about to enter its overbought zone. Slow stochastic is moving sideways inside its overbought zone.
FTSE 100 index chart pattern
The daily bar chart pattern of FTSE 100 shows a spirited fightback by bulls. The index formed a small 'rounding bottom' pattern and climbed above its 20 day EMA. On Fri. Sep 21, the index touched a high of 7495 but closed 5 points lower as it faced strong resistances from the merged 50 day and 200 day EMAs.
The index gained 186 points (2.5%) on a weekly closing basis, and is on the verge of re-entering bull territory above its three EMAs. The 'death cross' of the 50 day EMA below the 200 day EMA has been averted for now.
Daily technical indicators are looking bullish. MACD has crossed above its signal line in bearish zone. RSI has bounced up above its 50% level after receiving support from the edge of its oversold zone. Stochastic has risen sharply to enter its overbought zone.
(At the time of writing this post, the index is trading at 7475 - as bears are desperately trying to prevent a move above the 50 day and 200 day EMAs.)
On longer term weekly chart (not shown), the index closed just below its 20 week EMA but above its 50 week and 200 week EMAs in a long-term bull market. Weekly MACD is below its falling signal line in bearish zone. RSI and Stochastic have moved up towards their respective 50% levels.
The daily bar chart pattern of S&P 500 bounced up after receiving support from its 20 day SMA (blue dotted line) and rose to penetrate the upper Bollinger Band on Thu. Sep 20.
On Fri., the index touched a new high of 2941 with a huge volume surge, but formed a small 'reversal day' bar (higher high, lower close). That can trigger a corrective move towards the lower Bollinger Band.
Daily technical indicators are bullish and looking overbought. MACD has crossed above its signal line and is poised to re-enter overbought zone. RSI is facing resistance from the edge of its overbought zone. Slow stochastic is inside its overbought zone. All three indicators are showing negative divergences by touching lower tops.
On longer term weekly chart (not shown), the index closed above its three rising weekly EMAs in a long-term bull market. Weekly technical indicators are looking overbought. MACD is rising above its signal line inside its overbought zone. RSI is about to enter its overbought zone. Slow stochastic is moving sideways inside its overbought zone.
FTSE 100 index chart pattern
The daily bar chart pattern of FTSE 100 shows a spirited fightback by bulls. The index formed a small 'rounding bottom' pattern and climbed above its 20 day EMA. On Fri. Sep 21, the index touched a high of 7495 but closed 5 points lower as it faced strong resistances from the merged 50 day and 200 day EMAs.
The index gained 186 points (2.5%) on a weekly closing basis, and is on the verge of re-entering bull territory above its three EMAs. The 'death cross' of the 50 day EMA below the 200 day EMA has been averted for now.
Daily technical indicators are looking bullish. MACD has crossed above its signal line in bearish zone. RSI has bounced up above its 50% level after receiving support from the edge of its oversold zone. Stochastic has risen sharply to enter its overbought zone.
(At the time of writing this post, the index is trading at 7475 - as bears are desperately trying to prevent a move above the 50 day and 200 day EMAs.)
On longer term weekly chart (not shown), the index closed just below its 20 week EMA but above its 50 week and 200 week EMAs in a long-term bull market. Weekly MACD is below its falling signal line in bearish zone. RSI and Stochastic have moved up towards their respective 50% levels.
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