• 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 December 29 was a small red candle with larger upper shadow and following a doji for previous week
• Last week’s pivot point 2679.78; R1=2685.95, R2=2698.29; S1=2667.44, S2=2661.21; S1 was breached
• A down week;  first in last five weeks and third 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
• 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 is near 2704.63
• 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

• A relatively large red candle with small upper shadow and almost no lower shadow
• RSI-14 divergence – on October 20 the RSI was 79.65 and the 2578,29, on November 8 the high was 2595.47 and the RSI was 72.50; on November 30, RSI-14 was 76.67 and the index was at 2657.74; on December 12 the index was 2669.72 and RSI was 74.77; on December 18, the index was at 2694.97 and the RSI was at 75.91 and RSI fell on December 19; RSI has fallen below 70
• Last pattern, a down-sloping flag in June that was broken to the upside on July 13, 2017; in August the index declined and tested the broken upper limit of the flag
• Above 20-day EMA but above 50-day EMA; Above 100-day SMA and 200-day SMA
• Pivot Point=2679.78; R1=2685.95, R2=2698.29; S1=2667.44; S2=2661.27; R1/R2/S1/S2/S3 were breached
• Confirmed Uptrend

• Futures are moving higher since 4:00 PM  on December 29 following a sharp decline near the close of year’s trading; back in the horizontal channel – high of 2687.50 and the low of 2679.00 – after a break below it
• Mostly sideways move since 12:00 Noon on December 15
• Sequence of higher highs and higher lows since 10:00 AM on November 2 and since August 29 with few exceptions is reasserted on November 21; it is again under pressure
• At flattening 50-bar EMA, which is above/at flattening 20-bar EMA

• Moving higher following a decline on Friday and a sideway move during Asian session
• Back in horizontal channel – high of 2691.50 and low of 2680.75
• RSI-14 fell below 20 at the close on December 29; it rose from that level and spent most of Asian session around 50; it is now trying to break above 65
• Above 50-bar EMA, which is above 20-bar EMA

• Bollinger Band (20, 2.0) has been moving sideways since 11:00 PM on December 21 with a down bias
• The band contracted at midnight, with bandwidth below 0.10, and remained so till 6:15 AM
• MFI-14 is declining from 1:00 AM high of 84.34; dipped below 20 at 7:00 and now coming off it
• The Stochastic (9, 1, 3) is toggling around 20 since 4:45 AM

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