Market Sense and Sentiment

[Bernard Ng]

IndexPulse TrendWatch for Thursday

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

Time Frame and Trading Signals: as stated in iBox

Futures are red. FTSE is trading close at LOD. TNX gapped up and not filling the gap. The scene is a mixed picture. My testing signal says that we will go up from this red futures, matched with what TNX is suggesting. While the bounce I expected would be just a bounce for us to short it right back. I'm kinda sealing the top for today at 7800 or the 320SMA.

Intel is going to do an update today about the future ourlook of the semiconductor industry, which everyone is watching. People expect it to raise guidance, it's been quite bullish lately. I think the outlook should be bad though. My plan could be ruined by INTC's action today... just a note.

Factory Orders will come out at 10:00am, I expect it to be weak, which if we do get the morning runup, that could be the turning point.

INDU's 5 day MACD support at -40, resistance at +30. Watch the runup to MACD resistance, if we have one, that would be a good time to short it back.

INDU should have a trading range between 7675 and 7800.
NDX should have a trading range between 980 and 1000.
SPX should have a trading range between 820 and 835.
JMHO.