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 green. FTSE is trading at HOD. TNX gapped up and trading at HOD. The whole scenario is very bullish. My testing signal agrees with the green future, but pointing me to fade this gap. I guess I will be a contrarian today. To me, there is not much juice left for the market to run, 7650 is the top INDU could go. Watch NYA at 320SMA as a possible turning point.

No economic number will come out during the trading day.

INDU's 5 day MACD support at -40, resistance at +20. We are going to hit the resistance right after open, telling me to fade the gap as well.

INDU should have a trading range between 7450 and 7650.
NDX should have a trading range between 960 and 985.
SPX should have a trading range between 790 and 815.
SOX was extremely bullish yesterday, expect it to turn back down with the semi's downgrade today. JMHO.