Market Sense and Sentiment

[Bernard Ng]

IndexPulse TrendWatch for Thursday

Overall Market:
Long Term: Short
Medium Term: Long
Short Term: Short

Time Frame and Trading Signals: as stated in iBox

Futures are green. FTSE is trading at HOD. TNX gapped down, but trading at HOD. The market looks bullish at the moment. The testing signal suggests that we should fade the gap and hold on to it. The Plan is still bearish with 320SMA at 8550. In fact I think 8550 will seal the top for today.

No economic number will come out during the trading day.

INDU's 5 day MACD support at -50, resistance at +20. We are close to +20, I think fading the gap here is perfect.

INDU should have a trading range between 8400 and 8550.
NDX should have a trading range between 1100 and 1125.
SPX should have a trading range between 910 and 925.
JMHO.