• 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 January 12 was a large green candle with almost no upper and lower shadows; the change was +1.6%
• Last week’s pivot point 2770.05; R1=2804.04, R2=2821.84; S1=2752.25, S2=2718.26; R1/R2 were breached;
• An up week;  fourth in last five weeks and seventh 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

• A relatively small red harami with small lower shadow and smaller upper shadow; showing indecision
• 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; since then the index has made three very small flags; it broke to the upside of the last flag on January 2
• Above 20-day EMA but above 50-day EMA; Above 100-day SMA and 200-day SMA
• Pivot Point=2798.81; R1=2805.05, R2=2812.08; S1=2791.78; S2=2785.54; No levels were breached
• Confirmed Uptrend

• Futures are moving higher since 10:00 PM last night after falling to 2791.75 from 2809.50
• Futures are moving higher since 4:00 PM on December 29 in steps; decline from 8:00 AM on January 16 bounced off a support at the EMA50 twice on January 16 and 17
• Emerging Cup-with-Handle pattern did not break to the upside
• RSI-9 diverged – 6:00 PM on January 14 the price made a high of 2787.50 and RSI was 90.39; at 4:00 AM on January 16, the price made a high of 2803.50 but the RSI was at 85.63; RSI fell below 40 on January 16 and the bounce was turned back just above 65; it is toggling between 40 and 65, showing neither the up bias or the down bias is dominant
• Sequence of higher highs and higher lows since 10:00 AM on November 2 and since August 29 with few exceptions; under pressure
• At/above rising 20-bar EMA, which is above rising EMA10 of EMA50

• Rose from a low of 2791.75 at 10:30 PM last night near a support zone that was once broken to the downtrend line near 2805.75 at 6:30 AM, which was also near the resistance created by the uptrend line that was broken at the NYSE close yesterday; it looks bearish, at least for the short term; a break below 2791.75 will continue the downtrend
• RSI-14 continued to decline from 74.14 at 2:30 PM on January 17 to just below 40 at 10:30 PM last night; it rose to just above 65 but then again fell below 50; neither the up bias or down bias is dominant
• Below 20-bar EMA but at EMA10 of EMA50
• 8:30 AM made spinning top that is more like a hammer with short upper shadow and longer lower shadow; break above 2801.75 would signal a short term reversal

• Bollinger Band (20, 2.0) is sloped down from 10:00 PM on January 17 to 3:00 AM; then it expanded and sloped up
• The band contracted for short time from 2:00 AM to 3:15 AM; price hugged upper band from 2:30 AM to 5:15 AM; then it moved sideways and they declined to hug the lower band
• MFI-14 falling from the 96.22 to below 50
• The Stochastic (9, 1, 3): %K made a bearish divergence and 5:45 AM and the price declined from 2806.00 to 2799.25 at 8:15 AM; %K rising from 3.57 and crossed above %D at 8:30;
• 8:30 AM made shooting star candle and 8:45 AM made a bullish engulfing

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