May 18, 2016

Market outlook

EOD charts:
- trend is down on daily charts
- past few weeks, markets trading in range
- support 7700 resistance 8000
- today, markets closed in negative
- AD negative, VIX flat

Hourly charts
- markets rangebound on hourly charts
- no clear trend visible

5 min charts
- we have some buying visible on initial 2 big down bars
- breakout from range also showed selling at higher levels
- nothing to do for intraday traders

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