March 4, 2014

Market outlook

Markets close above recent swing high (minor one). While I was expecting a retest of 6100, this was not to be.

We have increasing put writing at 6200 levels so this is expected to hold for some time.

Immediate resistance is 6360 spot. Close above this will be highest closing in past 3 years.

Not closing above today's high can lead to formation of possible negative divergence on RSI.

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