• Under Pressure
• October 2018 closed sharply lower; broke below previous four months’ lows; only third down month since October 2016; November was a harami spinning top near the lower end of October
• Uptrend resumption since Feb 08, 2016 after a pull back of -15.2% – continues; higher highs and higher lows

• The week ending on January 25 was a small green candle with long lower shadow and small upper shadow; the high was below previous week’s high and week’s low reached near previous week’s middle; approaching the downtrend line, which may act as a resistance
  • Stochastics (9,1, 3) and RSI (14) moving up – %K is above %D; RSI is moving up and is near 50
  • The index is nearing the 61.8% retracement of the decline from the high in early October 2018
  • The index reached below the 50% Fibonacci retracement level – at 2374.98 – from the rally from February 2016 low and reached a low of 2346.58; the 61.8% Fibonacci retracement is near 2251.86
  • During the week of October 22, Stochastics reached the lowest since the week of October 31, 2016; last week RSI reached the lowest since the week on August 15, 2011;
• Last week was down -5.95 or -0.2% and ATR is 59.52
• Last week’s pivot point=2650.00, R1=2687.14, R2=2709.52; S1=2627.62, S2=2590.48; no pivot levels were breached;
• A down week; first after four up weeks; first in last five weeks and fifth in last ten weeks
• The break above an ascending triangle in May 2018 is nullified as the price has fallen below its low
• The break above a down sloping flag on April 24 2017 is also nullified; the 161.8% extension target near 2835.46 was achieved; 100% extension target of a longer flag-pole near 2913.13 is achieved
• Last swing low, 2532.69, was the low on February 5, 2018 and breached in December 2018
• Below 10-week EMA and 39-week SMA; below 89-week SMA (first since June 27, 2016)
• Downtrend

Daily

• A small red candle that gapped down at the open; no upper shadow and relatively long lower shadow; made day’s low by 12:00 PM and then drifted higher; just below the downtrend line from October 2018 high
  • %K again crossed below %D after rising above 80;
  • RSI-14 is turned down from near 60; failure swing top and a break below 55.94 will be critical
  • Sequence of lower highs and lower lows since October 3, 2018
• Above 20-day EMA and 50-day EMA, below 100-day SMA and 200-day SMA
• Downtrend Paused

• Moving mostly sideways since 2:00 PM on January 17; making a rounding pattern at the high since 4:00 PM on January 18; the high January 25 was very near the high on January 18 – almost like a double top;
• RSI-9 rising from a low of 22.3 at 10:00 AM on January 28; a failure swing bottom
• At/below 20-bar EMA; below EMA10 of EMA50
• Bias: Side

• Drifting lower since 12:00 PM on January 25; rising since 12:00 PM on January 28; breaking above a downtrend line
• RSI-9 rising from below 15 at 9:30 AM on January 28; near 65
• Above EMA10 of EMA50, which is above 20-bar EMA
• Bias: Down-Side

• Bollinger Band (20, 2.0) is moving up since 11:45 PM on Monday
• The band was slightly narrow from 1:30 PM to 00:30 AM; expanded since; price mostly moving around the upper band
• RSI-9 is generally moving up since 10:00 AM on Monday from a low of 12.45; above 40 since 8:15 PM; near 65
• Stochastic (9, 1, 3): %K is above %D since 6:15 AM
• Bias: Down-Side