February 17, 2014

Market outlook

Markets are trading in a range with support at 5970 and resistance at 6100.

VIX has dropped 5% indicating reduced fear. A breakout above 6100 is possible but it is important to see the closing. Unfortunately there is a bigger resistance at 6200 (gap, call writing).

On a different note, markets showed peak at 6100 in JAN, JUL and SEP last year. So on a year to year basis, markets are roughly at the same level today where they were a year ago.

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