Market Sense and Sentiment

[Bernard Ng]

IndexPulse TrendWatch for Thursday

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

Time Frame and Trading Signals: as stated in iBox

Futures are green. FTSE gapped down, but has subsequently back to HOD. TNX gapped down and trading at LOD, probably a catchup to the market. The market looks mixed. The testing signal backs the green futures, and suggests me to buy any dip in the morning, as we are likely be green till noon at least. Expect a low volume day due to long weekend, as well as a retest of 320SMA. I got the Medium Term short began yesterday, looking good so far. I like it long today, but not important, as the range should not be big. The Plan is bearish at the moment.

Philadelphia Fed will come out at noon, expect it to affect the market for 10 min.

INDU's 5 day MACD support at -45, resistance at +45. Not looking for longs even at MACD support.

INDU should have a trading range between 8250 and 8350.
NDX should have a trading range between 1050 and 1070.
SPX should have a trading range between 880 and 885.
A tight range day with a bit upside bias JMHO.