January 2, 2017

Market outlook

Daily charts
- trend is down on daily charts
- today, markets closed flat
- AD was 2:1, VIX up 2%
- formation of higher high higher low is still intact
- strong resistance seen near 8300 and then 8500

5 min charts
- first bar indicated selling at higher levels
- breakout from 2nd box was buy signal
- cover near first bar high or break from 3rd box
- I was writing calls today

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