Market Sense and Sentiment

[Bernard Ng]

IndexPulse TrendWatch for Friday

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

Time Frame and Trading Signals: as stated in iBox

Futures are green. FTSE is trading at HOD. TNX opened flat and trade higher. The overall scene looks bullish, but I'm sealing today's top at 7950, if we get lucky, we might see 8000 (I don't think so). Looking to fade this gap and sell it down to 7800 at least. We started the week slightly above 8000, I think we will close this week red.

Chicago PMI will come out at 10:00am during the trading day, might be the time when we get the sell off.

INDU's 5 day MACD support at -60, resistance at +30. Looks like MACD will turn up and hit resistance again at 7925, good MACD resistance to fade the gap.

INDU should have a trading range between 7750 and 7900.
NDX should have a trading range between 970 and 1005.
SPX should have a trading range between 825 and 845.
JMHO.