March 6, 2017

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

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.