Nifty intraday Update

• Hour charts shows price still inside the descending channel.
• 20 and 50 Hour moving average still favor bears.
• Price has to stay above 20 Hour SMA for today's up move to extend.

NIFTY support line

• Momentum of price on the downside is strong. So there is no guarantee that this level is going to hold. Up moves should be able to sustain above day low ema for confirming strength. Breach of the support level at 4720 area on closing basis might take price towards the support line of the channel.
• When everyone expect market to hit and turn from a particular level, market may behave differently. Either it goes up without reaching that level or It breaches the support for a while to trap fresh shorts and then move up. So one shall be careful at these levels.
• S&P 500 EOD ANALYSIS
  

S&P 500 Analysis after closing bell

• SPX Week, Day and Hour are looking weak. 1220 - 1230 level will act as stiff resistance if bulls try for a pull back.
• Price staying below 100 Week SMA can give deeper correction. Daily chart has confirmed weakness on closing basis by closing below 50 Week SMA.
• Now the Fib retrace levels from 1074 - 1292 may save bulls from deeper correction which is the only hope left, as of today price has stopped at 50% Fib level.
• APPLE NEAR 200 SMA
  

APPLE Near 200 SMA

• Apple daily chart is approaching its 200 SMA.
• Last hit at 200 SMA gave a good long trade.
• Closing below 200 SMA will strengthen bears. 
• RISING WEDGE OF US DOLLAR
  

US Dollar Rising Wedge pattern

• US Dollar four hour is moving up in a bearish pattern.
• Bearish breakdown percentage from rising wedge is 69%. So an upper breakout cannot be ruled out.
• BEARISH CANDLESTICK OF CRUDE OIL
  

ES Chart Analysis

• ES hour chart may give a small bounce because of positive divergence. But Daily time frame shows price below 50 SMA which will favor bears. For bulls long opportunity only if they manage to close above 50 Day SMA.
• BEARISH CANDLESTICK OF CRUDE OIL
  

NIFTY Analysis

• Price falling below Friday's low may push it towards 4720 level.
• If an up move happens Day Low EMA and 50 Day SMA may act as resistance levels. Strength for bulls only if they manage to close above 50 Day SMA.