Market outlook

Daily charts:
- trend is up on daily charts
- today markets closed 1.9% in negative at 10488
- AD was negative at 1:4
-VIX was flat in morning but increased by 10% towards close

- note my trend will turn down on close below 10430
- I expect recent lows to break.. let's see.

- trend has already turned down on lower degree timeframe charts

- option writing support 10000 resistance 11000




5 min charts:
- shorted around open
- covered near day's low (around 10500 spot)
- 2nd short trade was breakeven

- did not trade long though there was a nice opportunity around 10 am



30 min charts:
- there was a whipsaw of 200 points on Friday long signal
- this happened on 15 min charts also
- luckily  I did not take any long positions overnight
- whipsaws are a part of the game... you have to learn to live it

- contra trades can sometimes give fantastic overnight profits
- gap traders would have taken a short trade near Friday close.



Hourly charts:
- sell signal from 10850 levels
- I find it difficult to trade hourly charts in options due to time decay