Indian indexes and ETFs have been on fire for most of 2017 but last week showed some comparative weakness that we haven't seen in quite some time.

Active Pivotal Momentum traders already know this, with INDA the only one of 8 global indexes & ETFs that I track to be under its SepP.

There was also bearish action - meaning clear rejections - from long term resistance on two key indexes and the ETF.

Longer term investors might give this a week and see what happens at the new Q4P in October but given everything we are seeing - YR2 rejections after high tests, RSI divergence, break of SepP, all happening as 7 other global indexes/ETFs are above all pivots - I'd err on the side of caution.

NIFTY W
Double top with BB divergence and glaring RSI divergence.

NIFTY W
2nd rejection of YR2 / 2HR1 combo looks definitive, especially with the RSI divergence.

INDA W
This move is being echoed in the INDA ETF despite the currency headwind of falling $USD.

INDA D
Several larger selling bars with weaker up bars before the breakdown; regardless, below D50 and below SepP.