December 15, 2016

Market outlook

Daily charts
- trend is down on daily charts
- today, markets closed in negative
- but AD was flat and VIX down 6%
- structure was an inverted hammer (bullish)
- however, broader structure is of  a rangebound market
- option writing support 8000 resistance 8300

5 min charts
- gap down opening followed by strong/ substantial buying
- this kind of buying usually hints at trend reversal on higher degree time frame chart
- today's high low are critical levels for next few days.

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