January 13, 2017

Market outlook

Daily charts
- trend is up on daily charts
- reversal level is 7900
- rally up for 14 days... NF has not closed below prev day's low even once
- today, we had bearish piercing pattern where NF opened gap up and closed inside previous bar
- AD flat, VIX down 2%




5 min charts
- gap up and then selling throughout day
- close did not break previous day's low

- close below 2day low i.e. 8390 F can signify trend reversal on smaller time frame chart


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