January 7, 2019

Market outlook

Daily charts:
- trend is up on daily charts
- today NF opened gap but closed near day's low at 10776
- trading was small and well within the triangle developing for past few weeks
- AD was flat

- option writing support 10500 resistance 11000 (highest OI)
- increase in 10700 put OI
- looks like rangebound trading can continue for some more time

- lower trendline to offer support...

5 min charts:
- gapup opening but first bar was red... so no long trade
- we had a breakout later in the day but close not near high... so no long trade again
- there was a short signal but this was near day's low and candlestick showed buying.. so no short trade
- around 3 pm, markets made a new low but this was at prev day's high so near good support
- so did nothing today... no trades.

15 min charts:
- see signs of selling at higher levels
- gap filled
- below 10780 F, more weakness possible
- we have increase in 10700 PE meaning limited downside

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