April 23, 2014

Market outlook

Trend is up with support at 6640... note that trend appears as if it is weakening. The reason is we are at new highs and while markets should have blasted this is not happening and we are seeing smaller bars.

So markets are making new highs but there is no follow through buying.

Option writing points to support at 6000 and resistance at 7000. The deep support may mean that writers are expecting limited upsides but a big correction from current levels.

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