Failure to technically breach the 2040 level on the downside and positive divergence on the Slow stochastic - both mentioned in last week's post on the daily bar chart pattern of S&P 500 - had given a hint of a possible rally towards 2080.
The index rallied even further, closing just below the 2100 level and gaining 2.3% on a weekly closing basis. Bears are not out of the game yet, because sliding volumes may bring an end to last week's rally.
All three EMAs are rising and the index is trading above them in a bull market. But failure to cross above previous tops of Apr '16 and Nov '15 doesn't augur well for bulls.
-- The index rallied even further, closing just below the 2100 level and gaining 2.3% on a weekly closing basis. Bears are not out of the game yet, because sliding volumes may bring an end to last week's rally.
All three EMAs are rising and the index is trading above them in a bull market. But failure to cross above previous tops of Apr '16 and Nov '15 doesn't augur well for bulls.
Read more at:
http://investmentsfordummieslikeme.blogspot.in/2016/05/stock-index-chart-patterns-s-500-and_30.html
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