S&P 500 and FTSE 100 charts (Dec 28, 2018): pullback after touching new lows
2 years ago
S&P 500 index chart patternThe following comments were made in last week's post on the daily bar chart pattern of S&P 500: "A spike in trading volumes is possibly an indication of a 'selling climax'. A technical bounce may follow." After closing below the lower Bollinger Band at 2351 on Dec 24 - a 20% correction from the (Sep 21) top of 2941 that confirms a bear market - the index recovered strongly on Boxing Day. It first touched a new low of 2347, and then recovered 121 points to close at 2468. Formation of a 'reversal day' bar (lower low, higher close) encouraged bulls to embark on a pullback rally that touched the holiday-shortened week's high of 2520 on Fri. Dec 28. The index closed with a weekly gain of 69 points (2.9%), but formed a small 'reversal day' bar (higher high, lower close) that may bring the pullback rally to an end. The index is trading well below its 200 day EMA in a bear market. Daily technical indicators are correcting ov
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