S&P 500 and FTSE 100 charts (Feb 15, 2019): pullback rallies gather strength
2 years ago
S&P 500 index chart patternThe pullback rally from the Dec '18 low on the daily bar chart pattern of SPX 500 received good support from the 200 day EMA, and gathered strength as it climbed along the upper Bollinger Band.The index is trading above its three EMAs in bull territory. The 'golden cross' of the 50 day EMA above the 200 day EMA will technically confirm a bull market.Bears may try to prevent that from occurring by defending the 'resistance zone' between 2800 and 2825 - which had proved to be a strong hurdle for bulls back in Oct and Nov '18.Daily technical indicators are looking overbought. MACD is rising above its signal line in overbought zone. RSI is poised to enter its overbought zone. Slow stochastic has re-entered its overbought zone, but is showing negative divergence by touching a lower top. Some consolidation around current level is possible before the index makes an attempt to cross above the resistance zone. On longer term weekly chart (
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