Market Sense and Sentiment

[Bernard Ng]

IndexPulse TrendWatch for Thursday

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

Time Frame and Trading Signals: as stated in iBox

Futures are green. FTSE is flat for the day so far. TNX gapped down, filled the gap, and still trading at high. The market looks bullish today, if the testing signal can't give us a minor sell off so we can capture the gap and snap situation, so be it, I don't think we are going very high. Somewhere at 7900 and yesterday's top would be the best this rally can go. Should be a rather flat day.

New Home Sales and Help-Wanted Index will come out at 10:00am during the trading day, not expecting them to affect the market.

INDU's 5 day MACD support at -60, resistance at +30. Looks like MACD will turn up this morning, watch it hits +30 when we get to 7900.

INDU should have a trading range between 7750 and 7900.
NDX should have a trading range between 970 and 995.
SPX should have a trading range between 820 and 835.
A rather tight range day JMHO.