January 5, 2017

Market outlook

Daily charts
- trend is down on daily charts
- close above 8300 and near day's high will be trend reversal
- today, markets closed 1% in negative
- AD was 3:1; VIX was down 5%
- option writing support 8000
- note this rally has taken lesser time as compared to recent fall




5 min charts
- breakout from circled area was buy signal
- cover on close

- I missed the buy signal - I think the first 4-5 bars confused me.



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