March 2, 2017

Market outlook

Daily charts
- trend is up on daily charts
- bearish engulfing bar formed (gapup opening and close below prev day's low)
- this is along expected lines as 9000 will offer strong resistance
- today, AD was 1:3 but VIX was down meaning no fear.
- note we have a trendline retest
- but as we have a cluster of supports nearby I will wait for atleast a break of 8800.
- option writing support 8800 resistance 9000.




5 min charts
- recall that 9000 will offer severe resistance
- today, break of initial range triggered sell signal
- cover on close



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