S&P 500 Futures triangle update

• ES one hour chart shows price near 200 Hour SMA. Close below this line can extend weakness which started late last week.
• 4 Hour chart shows price near the apex of a Triangle pattern. Strength above 2376. Weakness below 2368

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NIFTY Chart update

• With today's up move the bearish engulfing formed during last week has become weak.
• Price is currently in a range between 8860 and 8992. Since price is in a range there is equal opportunity for bulls and bears, But price is ranging in an up trend. so this could be another trend continuation pattern.

ES Support levels

• As price correction continues 4 hour and one hour time frames are approaching crucial support levels as shown in above chart.

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S&P 500 Inverted hammer and Weekly candle update

• Inverted hammer of 4 hour time frame continues to play out.
• Growing upper shadow of the weekly candle will also keep bears interested.
• Possible support levels are shown in One hour chart. Bigger weakness if Golden ratio and previous resistance line does not act as support.

NIFTY Top Down Analysis

• March month candle is crucial here. If at any point during this month price falls below 8870 levels many bulls could be trapped at higher levels.
• Weekly chart is looking good for bulls so far. But the Same scenario as said about the month candle applies here as well.
• Day continues to stay inside the rising wedge. A similar pattern in S&P 500 Went through the roof. Price broke above the resistance line. As far as this pattern goes price has taken support at the rising trend line, But continues to stay inside the pattern. Both scenarios are possible here. Bearish below 8870. Bullish above 9000.

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ES Analysis after closing bell

• ES 4 hour chart shows a bearish Shooting star or Inverted hammer candle. 
• Bears should keep in Mind the Higher time frames like weekly chart. Week shows nothing for bears. The upper shadow of the current week candle must grow large before the end of the week to get bears interested again.

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Gold Chart analysis

• Gold 4 hour chart shows price testing 100 Period SMA. Bullish candle at the current levels can lead to a reversal.
• As the second chart shows price is staying below crucial support lines. Gold bulls need to get back above these lines to avoid bigger correction.

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