April 16, 2014

Market outlook

Trend is up above 6640 spot.

Real support will come in around 6600 spot... this is the level where there is substantial put writing.

Note that there is a change in sentiment (first time) and 6800 now has the highest open interest. This may mean that markets will not cross 6800 this month.

Interestingly, last few days markets was going up and so was VIX. Now markets dropped today and VIX dropped by 2%.

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