Market Sense and Sentiment

[Bernard Ng]

IndexPulse TrendWatch for Friday

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

Time Frame and Trading Signals: as stated in iBox

Futures are red. FTSE is trading at LOD. TNX gapped down and trading flat. It's a bearish scenario out there. My testing signal suggests that we will get red futures, and will continue to slide at least till noon. A breakdown of this trading range might happen today, short every rally is today's theme, at least before noon. We found resistance at 320SMA yesterday, no more noise around that line, the bear is back.

Mich Sentiment-Rev. will come out at 9:45am during the trading day, it is going to have a big effect to the market to the downside from my point of view.

INDU's 5 day MACD support at -60, resistance at +60. MACD is turning down again, one might want to cover the shorts if we touch -60 today.

INDU should have a trading range between 8000 and 8250.
NDX should have a trading range between 1035 and 1070.
SPX should have a trading range between 850 and 875.
The lowered trading range is designed for a potential breakdown JMHO.