First chart is four hour time frame with 10 and 21 period moving averages. The candle at the swing low seems to be a powerful reversal candle. If price stays above 10 period moving average we may see trend turning in favor of bulls.
For bears price should stay below 1290 which is near the Golden ratio in daily time frame.
Now price should sustain above 5542 level for moving towards 5575 - 5580 level.
CHART-I
Nifty hour with a bullish consolidation pattern.
Bull flag will be strong and favor bulls till 5479 is not breached.
Breaking the resistance line and staying above 5442 will favor bulls.
For bears breaking the dotted support line inside the pattern will give some profits. But bigger profits only if they manage to break below 5479 level.
SPX Daily has closed below the support level of 1294
This is the 4th consecutive bearish candle for SPX. Hour chart is trending down within a narrow channel.
Only relief for the bulls is the mild positive divergence that is developing in 15 Minutes chart which might result in a small bounce. For any larger bounce price should trade above the narrow channel shown in hourly time frame.
