May 11, 2016

Market outlook

EOD charts
- trend is down on daily charts
- recent whipsaws in past few weeks hint at some more sideways movement
- today, markets opened gap down but closed above open (but below yesterday's close).
- advance decline negative; VIX up 3%
- option writing hints at resistance around 8000 levels


Hourly charts
- sideways movement seen here
- support 7800
- retest of 7700 possible


5 min charts


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