Market Sense and Sentiment

[Bernard Ng]

IndexPulse TrendWatch for Friday

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

Time Frame and Trading Signals: as stated in iBox

Futures are slightly red. FTSE gapped up, but trading at LOD now. TNX gapped up, but now trading flat. The market looks a bit bearish at the moment. The testing signal expects a green futures, not sure if we have it or not. It gives no suggestion to today's trading. The Plan is bullish, so I will assume it wants to test 8550, then sell off again. As I said, indicators are bullish, but the overhead resistance is huge, so it's shaky lately.

Mich Sentiment-Rev. will come out today at 9:45, it will move the market, but I have no idea where it will go this time, a sell off will be nice. Existing Home Sales and New Home Sales will come out at 10:00.

INDU's 5 day MACD support at -45, resistance at +45. I'm neutral today.

INDU should have a trading range between 8400 and 8550.
NDX should have a trading range between 1090 and 1120.
SPX should have a trading range between 905 and 920.
A tighter range from yesterday JMHO.