S&P 500 Before opening bell

CHART-II

• ES did a retest of the broken support line as discussed below and has started falling.

CHART-I

• ES Hour chart with broken support line acting as resistance.
• An up move will be possible only if ES manages to cross 1310.
• Big correction will take place once ES breaks 1296 level. 

Nifty Futures intraday update

• If the support line of this expanding triangle is held we could see an intraday up move.
• Breaking below the support line will be negative for the bulls and it could slip towards 5450 and 5400 levels.

Nifty daily analysis

• 50 day moving average and the support resistance lines should give direction soon.
• The fib chart shows what has been going on, price moving up and down between 23.6% to 38.2%. So a decisive close above or below these levels can give good direction.
• According to fib levels we may get these targets, Close Below 5413 means price moves towards the recent low. Close above 5600 = 5677 and 5796. 
• RELIANCE INDUSTRIES CHART
  

SPY closer to a breakout

• SPY Daily chart is shown with the triangle pattern in daily chart.
• Price is trading closer to the apex of the pattern, this can give a breakout any time.
• Being a triangle one should expect false breakout before price decides to change the trend.

S&P 500 Before opening bell

• ES Hour chart with support and resistance lines.
• 1317.25 is an important level for today.
• Price sustaining below 1317.25 will favor bears. 
• Larger move will happen once the support or resistance lines gets violated.

Reliance Intraday update

• Reliance has given an intraday spike in favor of bulls.
• But price has to close the day  above 1010 for the upward momentum to sustain in the coming days.

Nifty daily analysis

NIFTY FUTURES 5 MINUTES CHART

• Nifty futures 5 minutes chart is showing a small range, Breaking out of this range will give good direction.
• Daily chart shows a hammer candlestick pattern at 20 dma holding price in favor of bulls yesterday. Now if price holds 5500 we may see it moving towards the upper Bollinger band. 
• 50 DMA Should also be kept in mind if an up move happens it may get resisted at this moving average.
• TRIANGLE OF CRUDE OIL