September 27, 2016

Market outlook

Daily charts
- trend is up on daily charts
- lower swing high formed around 8900
- immediate support 8700 and then 8500
- I am expecting rangebound movement for some more time
- option writings levels for next month 8700-9000 (tentative)

5 min charts
- long trade considered in 2nd box; got stopped out with minor loss
- short trade considered in 2nd arrow; minor profits
- in hindsight, short trade in 2nd box/ first arrow would have been best trade
- in hindsight, covering at 8700 would have given best profits (option writing support).

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