May 14, 2014

Market outlook

Trend is still up with support at 6850-6640.

Note possible formation of cluster island reversal. This is a bearish pattern and confirmation will be a gapdown opening below 7000.

Option writing clues point to support at 6400 and resistance at 7500. This means from current levels, writers are expecting a move not exceeding 500 points eitherway.

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