May 13, 2016

Market outlook + weekly charts

Weekly charts
- NF closed 1.1% positive this week
- failed to sustain above previous week's high
- closed within body of previous week's candle
- now trading outside trendline
- signs of weak selling seen for past 4 weeks
- 7800 still holding on closing basis

Daily charts
- trend is down on daily charts
- lot of rangebound movement past 2-3 weeks
- past 6 weeks, net gain in NF is negligible
- today, markets closed 1% in negative
- AD was negative, VIX up 4%

Hourly charts
- NF rangebound on hourly charts
- no clear or visually obvious trend seen

5 min charts
- break of previous day's swing low/ support was sell signal
- cover on close gave no profit no loss day
- sell signal bar  was too big and did not invite much selling later on

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