Rising Wedge of SPY

• 30 Minutes chart with a bearish pattern.
• Price breaking the dotted line can give an up move towards the resistance line of the wedge.
• Bearishness can only be seen if the supporting line of the wedge gets broken.

Ascending Triangle of Dow Jones

• Dow Jones is forming an Ascending triangle pattern and a Double Top.
• Considering the fundamental situation an ascending triangle is very likely to play out.
• If Price gets support @ the rising trend line then we might see a breakout above 12750 levels.
• Price not holding the support line and and breaking below 12296 will lead to a Double Top pattern.
• LAST UPDATE ON DOW JONES - RESISTANCE @ 12750
  

ES Bear Flag and Hourly Chart

• The Gap Down Opening took price below 50 Hour moving average. But price did not test 200 Hour moving average.
• Large correction may happen only if price stays below 200 Hour moving average.
• 15 Minutes chart shows a bearish flag pattern. This one can go both ways an upper breakout may fill the remaining Gap and downside break may give 1323 level again.
• S&P 500 WEEKEND UPDATE
  

NIFTY 5 Minutes Chart

CHART-III

• Triangle breakout followed by Day high breakout has given good up move for intraday Bulls.

CHART-II

CHART-I

• Nifty is getting resisted at the previous resistance level 5652
• This level has to be taken out convincingly buy bulls for a larger up move to happen
• Price staying below 5613 may favor bears

NIFTY Analysis

• Click the charts to enlarge
• Conclusion
• It is strong above 5600 and stronger above 5650.
• It is weak below 5600 and weaker below 5550.
• BANK NIFTY WEEKEND UPDATE