The daily bar chart pattern of S&P 500 crossed above its falling 20 day and 50 day EMAs on Mon. Oct 24, but fell short of the down trend line of the 'descending triangle' pattern (within which it has been consolidating for the past 2 months).
The index dropped and closed below its 20 day and 50 day EMAs the next day and fell further to test support from the 2120 level before bouncing up a bit. The index closed 15 points lower for the week.
Strong and rising volumes on four consecutive down days are suggesting bear domination. A breakdown below the 'descending triangle' pattern and a test of support from the rising 200 day EMA appears imminent.
-- The index dropped and closed below its 20 day and 50 day EMAs the next day and fell further to test support from the 2120 level before bouncing up a bit. The index closed 15 points lower for the week.
Strong and rising volumes on four consecutive down days are suggesting bear domination. A breakdown below the 'descending triangle' pattern and a test of support from the rising 200 day EMA appears imminent.
Read more at:
http://investmentsfordummieslikeme.blogspot.in/2016/10/s-500-and-ftse-100-charts-oct-28-16-on.html
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