Market Sense and Sentiment

[Bernard Ng]

IndexPulse TrendWatch for Friday

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

Time Frame and Trading Signals: as stated in iBox

Futures are green, but coming down fast. FTSE gapped up and now trading at open price. TNX gapped up and bouncing off from the initial sell off, but it has made a HOD signal. Don't have much expectation to the market, as we will challenge 320SMA soon, the short term top should be 7850 for this morning runup. A real bull can take it to 7900. The UN report today should have lots of negative comment on Irag, becareful of the long.

Mich Sentiment-Prel. will come out at 9:45am, it should only have a short term effect to the market today.

INDU's 5 day MACD support at -45, resistance at +30. Market started to runup huge at MACD support yesterday. However, at this rate, we should see INDU hitting the MACD resistance soon, which should conincide with the 320SMA.

INDU should have a trading range between 7650 and 7900.
NDX should have a trading range between 940 and 980.
SPX should have a trading range between 805 and 835.
The ranges are rather big today, as I have included both possible top and bottom range.
JMHO.