• Confirmed Uptrend
• December 2017 closed higher; index has been higher for the nine straight months; it has only one down month, March 2017, since October 2016
• Uptrend resumption since Feb 08, 2016 after a pull back of -15.2%

• The week ending on February 2 was a bearish engulfing candle, with a very large decline, -3.9%
• Last week’s pivot point 2797.57 R1=2835.18 R2=2908.22; S1=2724.53, S2=2686.92; S1/S2/S3 were breached;
• A down week; first in last five weeks and second in last ten weeks
• Broke above a down sloping flag on April 24 2017;
  • flag-low was 2322.25 during 27-Mar-17 week; shorter flag-pole length is 317.19 and longer flag-pole length is 590.88;
  • 100% extension target of shorter flag-pole near 2639.41 is achieved; and the 161.8% extension target is near 2835.46
  • 61.8% extension target of longer flag-pole near 2687.41 is achieved; the 100% extension target is near 2913.13
• Broke above a down-sloping flag on November 14, 2016;
  • the flag low was 2083.79 during 31-Oct-16 week; the shorter flag-pole length is 202.13 and the longer flag-pole length is 383.71;
  • 261.8% extension target of shorter flag-pole near 2612.97 is achieved
  • the 161.8% extension target of longer flag-pole near 2704.63 is achieved; the 261.8% extension target is near 3088.34
• Last swing low, 2322.25, was the low on March 27, 2017
• Above 10-week EM; above 39-week SMA and 89-week SMA
• Confirmed uptrend

Daily

• Uptrend under pressure
• A shooting star candle; break below 2681.33 will be bearish
• The 38.2% Fibonacci retracement from the lows of February 2016 is near 2465.50; the 38.2% Fibonacci retracement from October 2016 lows is near 2570.00 and the index low on Monday was 2593.07
• Last big pattern, a down-sloping flag in June 2017, was broken to the upside on July 13, 2017; in August the index declined and tested the broken upper limit of the flag; since then the index has made three very small flags; it broke to the upside of the last flag on January 2
• Below 50-day EMA but above 100-day SMA

• Bounce from the low of 2529.00 hit the resistance at EMA10 of EMA50 at 2726.75; the decline from there took it to the 38.2% retracement of the bounce;
• The 61.8% retracement of the big decline on February 2 and February 5 is near 2745.00
• RSI-9 rising from 3.92 and is above 50 but below 65
• Sequence of higher highs and higher lows since August 29, 2017 is broken
• At 20-bar EMA, which is below EMA10 of EMA50
• Bias: Dn-Side

• Irregular H&S pattern emerging; break below 2645.00 will complete the pattern and break above 2700.00 will nullify it
• RSI-14 is within 65 and 50 since 9:00 AM on February 6
• Above 50-bar EMA which is above 20-bar EMA
• Bias: Side

• Bollinger Band (20, 2.0) is moving sideways since 9:30 PM on February 6
• The band is contracting since Asian session
• RSI is between 65 and 40 most of the time since 00:15 on February 6
• The Stochastic (9, 1, 3): %K made a bullish divergence below 20 at 6:30 AM and is about to make a bearish divergence above 80
• Bias: Side

1. Consumer Discretionary
2. Consumer Staples
3. Energy
4. Materials
5. Technology
6. Utility
7. Heath Care
8. Real Estate
9. Telecom

1. Industrials
2. Finance