S&P 500 and FTSE 100 charts (Oct 12, 2018): bears force bulls on the ropes
2 years ago
S&P 500 index chart patternPossibility of some more correction was mentioned in last week's post on the daily bar chart pattern of S&P 500. Yet, the vicious bear attack on Wed. & Thu. (Oct 10 & 11) seemed to catch bulls unawares.The index fell vertically to close below its 200 day EMA for the first time in 6 months. By touching an intra-day low of 2710 on Oct 11, the index dropped into the support zone between 2737 and 2689 (which are the 50% and 61.8% Fibonacci retracement levels respectively of the 408 points rally from the Feb 9 low of 2533 to the Sep 21 top of 2941).Volume spikes on Wed. & Thu. may be the sign of a 'selling climax'. On Fri. Oct 12, the index bounced up to close above its 200 day EMA in bull territory. In the process, it formed an 'inside day' as well as a 'hammer' candlestick pattern. Bulls appear to be ready for a fight back.Daily technical indicators are looking oversold. MACD and Slow stochastic are falling deeper inside their respective over
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