Market Sense and Sentiment

[Bernard Ng]

IndexPulse TrendWatch for Friday

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

Time Frame and Trading Signals: as stated in iBox

Futures are pretty green. FTSE is trading at HOD at the moment. TNX looks pretty bullish, but it made an early HOD signal (could be wrong) due to the employment news. INDU continued the range bouncing, but I have the short term top scaled down to 8100 (below 8150 for sure). The bear flag continues on the daily basis. Last time we had a rinse before the first UN report on Iraq. Another one is coming out on February 14th, another rinse from now till then could be something on the deck... afterall, we broke 7900 a bit yesterday. I continue to look for shorts in this market to position myself in the sell off. Yes, I'm long today in short term, but it should be a rather flat one.

Wholesale Inventories will come out at 10:00am. Consumer Credit will come out at 3:00pm. They only have very very short term effect to the market.

INDU's 5 day MACD support at -45, resistance at +45. The range bouncing continued at -45 yesterday, now the futures are, but I will seal the short term top at 8100. The 5 min 320SMA is now at 8000.

INDU should have a trading range between 7850 and 8100.
NDX should have a trading range between 950 and 990.
SPX should have a trading range between 830 and 860.
I kept yesterday's support intact, but I scaled down the resistance.
JMHO.