S&P 500 and FTSE 100 charts (Feb 01, 2019): pullback rallies gain ground
16 days ago
S&P 500 index chart patternThe daily bar chart pattern of SPX 500 shows a dash for glory by bulls that got halted inside the Fibonacci resistance zone between 2640 and 2710 (which are the 50% and 61.8% retracement levels respectively of the correction from the Oct 3 top of 2940 to the Dec 26 low of 2347).In a 'V' shaped counter-trend rally from its Dec 26 low, the index had broken out above its 50 day EMA on Jan 17. For the next 6 trading sessions, it consolidated sideways - receiving good support from its 50 day EMA.On Thu. Jan 31, the index closed above its 200 day EMA in bull territory after 2 months, but bears were not yet ready to give up control. The index gained ~1.6% for the week, but failed to close above the resistance zone.Daily technical indicators are looking bullish and overbought. MACD is rising above its signal line in overbought zone. RSI is above its 50% level, but its upward momentum has weakened. Slow stochastic is rising inside its overbought zon
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