Market Sense and Sentiment

[Bernard Ng]

IndexPulse TrendWatch for Friday

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

Time Frame and Trading Signals: as stated in iBox

Futures are green. FTSE is trading kinda flat after the initial gap down. TNX gapped down, filled the gap, then trading at HOD subsequently. The market looks bullish at the moment. The testing signal suggests agrees with the green futures, and should buy every dip then hold on to it till noon. It's obvious that NDX and INDU are diverging, with my believe that tier 1 stocks like INTC and CSCO are moving higher, we will head to 9000. The Plan is bearish at the moment, but will soon turn bullish after the gapup. It is a strong market, don't fight it.

Mich Sentiment-Rev. will come out at 9:45am today, and Chicago PMI will come out at 10:00am. Both can move the market, especially the 9:45am number, I think it should be good.

INDU's 5 day MACD support at -30, resistance at +40. Looks like we are going to make a crossover today, and go higher.

INDU should have a trading range between 8700 and 8900.
NDX should have a trading range between 1180 and 1200.
SPX should have a trading range between 945 and 965.
JMHO.