January 18, 2016

Market outlook

Daily charts
- trend is down on daily charts
- strong resistance around 7600 levels
- expect good support around 7200 levels
- AD negative; VIX increased to 20%
- option writing support at 7300

Hourly charts
- trend is down on hourly charts
- reversal level is 7460 F

5 min charts
- did not trade today
- markets traded in a range through out the day
- breakdown from range gave small profits
- in hindsight, circled areas show aggressive trade positions.

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