S&P 500 and FTSE 100 charts (Mar 08, 2019): pullback rallies stall at resistance levels
2 years ago
S&P 500 index chart patternThe following comment appeared in last week's post on the daily bar chart pattern of S&P 500: "...the index closed above its three weekly EMAs in a long-term bull market for the fifth week in a row, but has formed a long-legged doji candlestick pattern that can halt the rally."On Mon. Mar 4, the index touched an intra-day high of 2817, but formed a 'reversal day' bar by closing below the resistance zone (between 2800 and 2825). That was just the excuse bears needed to swing into action.The index corrected during the rest of the week, falling below its 20 day EMA but receiving support from its 50 day and 200 day EMAs. The 'golden cross' of the 50 day EMA above the 200 day EMA has not been a convincing one. The index lost 2.2% on a weekly closing basis.Daily technical indicators are looking bearish after correcting overbought conditions. MACD is falling below its signal line in bullish zone. RSI is seeking support from its 50% l
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