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Interesting scenario...
RSI making higher high while price making lower low...
Price manages to close above yesterday's low, so giving the bears that small ray of hope... reinforced by the rsi divergence signifying lack of aggression on the part of the bears to drag it down further...
Fact that we made a higher high on rsi and same didnt reflect on price is a good signal to the bears that people are shorting the rally... and fact that today is the first EOD close below the 5183 mark ( low of the last 6 months range).
Vix shot up again during the fall, means there is panic on the screen. Bears have touched a very sensitive nerve and bulls are hurting like hell.
Highest OI concentration on put is at the 5000 put (72 L), rest all at sub 50 L OI. 5500 call has highest (80 L) OI. 5200 call has gone over the 50 L OI mark, which is not a good sign for bulls.
Tomorrow's open and the reaction of bigger players to that open, will dictate the direction for the whole week.