September 22, 2014

Market outlook

Trend is up with support at 7850 spot. Advance decline was marginally bullish.

Close above 8200 will lead to more bullishness.

On a different note, VIX is below 12 and complacency is increasing in this market. Note that there is
no technical level for this so any interpretation should be considered as my interpretation based on experience in the markets.

Hourly charts point to whipsaw in the short trade... this is normal when the broader trend is up.

Looking forward expect support at 8050 and resistance at 8200.

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