GOLD Trend update

• Gold four hour chart with trend line. Breaking below this line will be negative for gold.
• Gold daily chart shown with correction from resistance line. Price need to fall below 50 day SMA for a  bigger correction to happen

SBI Chart Update

• SBI was moving up with light volume. After yesterday's news volumes have picked up and price too moved up in favor of bulls.
• Closing above 200 SMA will help bulls to extend this up move.
• Month chart shows price trying to stay above 5 Month High EMA. Price has also violated a declining resistance line in monthly chart. Month closing above 5 Month High EMA will help the stock to stay bullish in the medium term.
• For bears weakness can only be expected near 200 SMA.
• Will update today's intraday chart later in this post

TODAY'S CHART

• SBI is showing weakness near 200 SMA. Bears need follow up selling to confirm.

Nifty intraday Update

• Nifty is taking a pause at the resistance level between 5150 - 5170
• Closing above this level should help bulls to extend the rally towards 200 SMA.
• A bearish daily candle here may give some hope for bears.

NIFTY Near 200 SMA

• Nifty at weekly resistance line.
• Price is also approaching 200 SMA .
• These levels have acted as resistance in the past. If history is repeated we are close to a correction. Blindly going short at these levels just because it's overbought may not work. We are yet to see weakness in daily time frame. Look for weakness near 200 SMA.  One should also look at the weekly charts too, Current week is the fourth bullish candle in progress. So one may also look for bearish looking weekly candles for confirming possible reversal.
• For a bull who has been carrying longs may reduce their positions here. One should not book out fully because closing above 200 SMA will extend this up move. Remaining longs can be squared off if one sees weakness near 200 SMA.

ES Support and Resistance lines

ES Four hour shows an ascending triangle like pattern. Rising support levels should favor bulls for a breakout. Price is near weekly resistance level If it is not taken out soon we will see a correction towards the support line.

S&P 500 Channel Update

• S&P 500 Continues its up move in a channel.
• Price doing sideways correction which are getting resolved in favor of bulls which will continue as long as price holds the support line of the channel.

GLD Trend Update

• GLD Daily is showing weakness near resistance line.
• Hour is yet to breakdown below 50 hour SMA which may trigger a sell in hour and daily charts.
• Hour staying above 50 Hour SMA will favor bullish trades in GLD.