January 6, 2016

Market outlook

On daily charts,
- trend is down
- today, markets traded in previous day's range
- this could mean some signs of buying happening
- note possibility of inverse H&S/ markets maybe forming right shoulder
- expect support around 7700 levels
- deep support around 7500 levels

On hourly charts,
- trend is down on hourly charts
- swing reversal level is 7840 F.

On 5 min charts,
- first 2-3 bars attract buyers
- range formed
- breakout from first 2 boxes fails to sustain
- big breakdown bar fails to draw much selling
- overall confusing day

I was short 2-3 times but did not make much money.

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