S&P 500 and FTSE 100 charts (Jan 04, 2019): pullback rallies facing bear resistance
2 years ago
S&P 500 index chart patternIn a holiday shortened trading week, the daily bar chart pattern of S&P 500 continued to show volatility. It closed just above 2505 on Mon. & Wed. (Dec 31 & Jan 2), dropped to close below 2450 on Thu. Jan 3, and then bounced up to close at 2532 on Fri. Jan 4 - gaining 46 points (1.8%) on a weekly closing basis.Note that the index is facing resistance from its 20 day SMA (middle Bollinger Band marked by green dotted line), and is trading well below its falling 50 day and 200 day EMAs in a bear market.Daily technical indicators have corrected oversold conditions, but remain in bearish zones. MACD has crossed above its signal line in its oversold zone. RSI and Slow stochastic are rising towards their respective 50% levels. Bears may use the pullback rally to sell.On longer term weekly chart (not shown), the index closed above its 200 week EMA in long-term bull territory, but remains well below its falling 20 week and 50 w
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