Market Sense and Sentiment

[Bernard Ng]

IndexPulse TrendWatch for Thursday

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

Time Frame and Trading Signals: as stated in iBox

Futures are red. FTSE gapped down, filled the gap, and trading at LOD again. TNX gapped down, and got no legs, trading at LOD. The market looks bearish at the moment. The testing signal expects a green futures, not getting it, so I expect a minor gap fading, then a short and hold till the close. The Plan is bullish, amazingly bullish, if we can't sell off here, looks like we will do a break out and take us back to the high of 2003. Like I said yesterday, we have topped out on a daily basis, even though we've just turned bullish, so it's a bit shaky here. Much like indicators say we are bullish, but the resistance is also massive. Watch 8550 as the make or break point.

Help-Wanted Index will come out today at 10:00 today. I don't expect it to do much to the market.

INDU's 5 day MACD support at -30, resistance at +40. As long as 8550 doesn't break, a short at +40 should be fine. Be prepare to jump ship quick though.

INDU should have a trading range between 8350 and 8550.
NDX should have a trading range between 1080 and 1120.
SPX should have a trading range between 900 and 920.
JMHO.