May 4, 2016

Market outlook

Daily charts
- trend is down
- reversal level 8000
- today advance decline was negative, VIX flat
- so far this looks like a healthy correction
- correction likely to be limited to 7500 levels


Hourly charts
- trend is down
- reversal level 7950-8000 F


5 min charts
-  rangebound trading today
- only short trade possible was near arrow (I did not trade this)



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