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 slightly green. FTSE is red. TNX is testing HOD. It's options expiration day today, so the market might not move at all today. I'm now sealing the absolute top of INDU at 8300, which I don't think it can get there. It even has a hard time breaking 8050.

No economic number will come out during the trading day.

INDU's 5 day MACD support at -60, resistance at +80. MACD is showing indecision, don't know where it is going, but we are't far away from the support either.

INDU should have a trading range between 7850 and 8050.
NDX should have a trading range between 995 and 1015.
SPX should have a trading range between 830 and 855.
I've revised all ranges to be tight today.
JMHO.