Market Sense and Sentiment

[bbgold]

Morning Steve,
A retest of the Major SMA is possible before we get the rally, much as the FTSE has been testing. If we do follow the FTSE pattern today then a Call entry could be made here with a move below the current LOD as a stop. I will be more bullish though when we are back above the SMAs. IMO it would be safer to wait for that regained support. If we test 870 or 8200 then that might be a good entry also for a bounce. I would be more comfortable entering a Call trade when the markets are heading back Up though rather than guessing the bottom. DMI/ADX are signaling further consolidation IMO and that Might continue. Consolidation again here would be a Good sign as when the Markets are in Normal mode then most Friday's are consolidation days. As with yesterday, less Down and holding Support could be Bullish for next week. Being overly cautious I am not sure I would want to play a trade here and get stuck holding over the weekend. JMHO though.
Good Luck Steve! :^)