January 12, 2016

Market outlook

Daily charts
- trend is down on daily charts
- today, there was no follow thru buying for yesterday's bull bar.
- now below 7500, doors open for 7200.
- AD was negative, VIX was flat
- option writing resistance around 8000 levels.

Hourly charts
- trend is down on hourly charts
- swing reversal level brought down to 7620 F

5 min charts
- break of range was short signal
- cover on close
- notice how SL is dropping down progressively
- tomorrow, sustaining above 7540 F and then day's highs will be super bullish

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