• 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; in correction territory – more than 10% below the recent high
• Three day evening star candlestick pattern
• 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 Thursday was 2580.56
• 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 and 100-day SMA but above 200-day SMA

• Bounce from the low of 2529.00 on February 5 turned down from the resistance of EMA10 of EMA50 at 2726.75; 61.2% of the bounce has been retraced on February 8
• RSI-9 falling below 20 after rising up to 65
• Sequence of higher highs and higher lows since August 29, 2017 is broken
• Below 20-bar EMA, which is below EMA10 of EMA50
• Bias: Down

• Irregular H&S pattern completed; target near 2526.00, which is also near the lows reached on ; break below 2645.00 will complete the pattern and break above 2700.00 will nullify it
• An up-sloping flag is breaking down
• RSI-14 is below 65 since 12:30 PM on February 7; rising from 22.95 but found resistance at 50
• Below 20-bar EMA which is below 50-bar EMA
• Bias: Down

• Bollinger Band (20, 2.0) is moving sideways since 10:15 PM on February 5 after moving down on February 8
• The band contracted during the Asian session and is expanding now with price hugging the lower band
• RSI is between 20 and 50 since 9:45 on February 8
• The Stochastic (9, 1, 3): %K bouncing off 0 at 7:15 AM but is in a downtrend since 3:35 AM
• Bias: Down-Side

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