IndexPulse TrendWatch for Thursday
Overall Market:
Long Term: Short
Medium Term: Short
Short Term: Long
Time Frame and Trading Signals: as stated in iBox
I still like it long, and I know that was a sucker's call in the past two days... ggg. TRIN was close below 1, and we close at LOD. Futures are up. SPX closed above 775, that's the last bullish sign for the market.
I think the MACD support is now at -55, and resistance at +30. That means I will also buy this leg up, and hoping for the best... will sell at the next crossunder if the market fails again, just to protect myself from this multi-new-low process.
I have the next Change of Trend mapped out this Friday.
INDU should have a trading range between 7250 and 7450.
NDX should have a trading range between 800 and 825.
SPX should have a trading range between 775 and 790.
signed,
Bernard
