S&P 500 and FTSE 100 charts (Jan 25, 2019): pullback rallies hit road blocks
2 years ago
S&P 500 index chart patternNote the following comment from last week's post on the daily bar chart pattern of SPX 500: "Bears can be expected to put up a stronger resistance when trading starts on Tue. Jan 22 (after the long weekend)."On cue, the index retreated on Tue. Jan 22 but received good support from its 50 day EMA. After consolidating sideways within a narrow range for the next two days, the index opened with an upward 'gap' on Fri. Jan 25, and crossed above the (purple) down trend line intra-day.However, it dropped down to close exactly on the down trend line - losing 6 points during the truncated trading week. Bulls have their work cut out to overcome twin overhead resistances from the upper Bollinger Band and the 200 day EMA. Bears are unlikely to give up control in a hurry.Daily technical indicators are in bullish zones, but not showing much upward momentum. MACD is rising above its signal line. RSI is moving sideways above its 50% level. Slow stochastic has bounce
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