July 9, 2014

Market outlook

On EOD charts, trend is up with support at 7450.

There was a 5% drop in VIX meaning that fear factor of this correction has come down.

Intraday charts:

On hourly charts, trend has turned down and will reverse to bullish on close above 7800... expect resistance at 7650-7670 levels.

On 5 min charts, markets traded rangebound between the high-low formed in the first hour of the day. Levels to watch tomorrow are 7550 support and 7650 resistance.

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