January 11, 2016

Market outlook

Daily charts
- trend is down on daily charts
- today markets opened gap down; lows of the day attracted buying
- advance decline was negative; VIX up 5%
- 7500 continues to provide good support as evidenced by option writing

Hourly charts
- trend is down on hourly charts
- swing high/ reversal level is 7650 F

5 min charts
- breakout from initial trading range was bullish
- cover near close

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