November 26, 2014

Market outlook

Trend is up and will reverse on close below 8300.

Today there was no further selling and low formed in yesterday's 20-30 min provided good support.

Crossover above day's high was bullish and advance decline was positive throughout the day.

Option writing points to resistance at 8500 (DEC series).

EOD charts:

Intraday charts: I have started using icharts for intraday charting.... this is web based and can be used from any PC. Very affordable at 900 pm and highly recommended for those who are not comfortable with charting softwares.

On 5 min charts, note the support and resistance formed by previous day's swing low and yesterday's close.

First buy signal was on close above swing high at 8450 fut.... we had a rally to 8510 and got stopped out at 8495 fut.

15 min charts are bullish and will show more strength above 8480 fut.

On hourly charts, trend is down and will reverse on close above 8500 fut.

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