• 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 May 4 was a small real body candlestick line with very small upper shadow and very long lower shadow
• Last week’s pivot point=2646.99, R1=2699.35, R2=2735.29; S1=2611.05, S2=2558.69; S1/S2 pivot levels were breached;
• A down week; third in last five weeks and sixth in last ten weeks
• A symmetrical triangle pattern is emerging; price in the middle of the pattern
• 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; Last swing high, 2872.87, was during the week of January 22, 2-018; the low since the last swing high is 2532.69 during the week if February 5, 2018
• Below 10-week EMA; at 39-week SMA and above 89-week SMA
• Uptrend under pressure

Daily

• A small doji candle with almost equal sized upper and lower shadow at the 50-day EMA; the index lost most of its day’s gain in the final hour trading mostly due to the geo-political concerns over the fate of Iran nuclear deal
• In the middle of the symmetrical triangle after breaking below it for a day for the second time
• Above 20-day EMA; at 50-day EMA and 100-day SMA; above 200-day SMA
• Uptrend under pressure

• Declining since 2:00 PM on May 7; break above the downtrend line from April 18 high continues
• Retreated a bit from the top of a horizontal trading range that is emerging since 6:00 PM on April 22
• RSI-9 made a bearish divergence with price at 8:00 AM on May; declining since 12:00 AM on May 7; below 50 and seems to be bouncing just above 40
• At 20-bar EMA, which is above EMA10 of EMA50
• Bias: Side

• Staying above prior resistance that was broken to the upside on May 4; forming a horizontal channel between 2658.00 and 2681.50
• RSI below a downtrend line from the high RSI at 2:00 PM on May 4; made a bullish divergence or a double bottom at 5:00 Am and 6:30 AM; approaching 30 from 30
• At 20-bar EMA, which is above 50-bar EMA
• Bias: Side

• Bollinger Band (20, 2.0) is mostly moving sideways from 4:000 PM on May 4;
• The band is narrowed from 4:00 PM to 3:30 AM; expanded slightly since then
• RSI rising from a low of 19.39 at 5:00; crossing above 50
• The Stochastic (9, 1, 3): %K made a bullish divergence at 6:45; %K above %d since 7:00 AM
• Bias: Up-Side

1. Consumer Discretionary
2. Energy
3. Industrials
4. Finance
5. Technology
6. Real Estate
7. Telecom

1. Consumer Staples
2. Materials
3. Utility
4. Heath Care