July 27, 2015

Market outlook

- markets open gap down below 8500 decisively
- overall markets closed 2% in negative
- advance decline negative
- since markets closed below 8500, I will assume uptrend is over
- at the same time, I am unwilling to assume start of downtrend
- reason is markets are now back to trading in a range
- this means one should ignore these up down movements within the range
- option writing points to resistance at 8500-8600 levels.

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