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 red. FTSE is trading at LOD. TNX gapped down and trading at open price. The market looks bearish at the moment. The testing signal gives no suggestion to any direction. An interesting fact is that May 1st, statistically speaking, 8 out of 10 times will close green. So if we will ever breakout from the deadzone, these three days (high probability to go green) should do the work. The Plan is still bullish with 320SMA at 8440. If I blindly "bet" on today, I will go long and fade this gap.

ISM Index will come out at 10:00am during the trading day. It could probably be the turning point for us to go back up.

INDU's 5 day MACD support at -45, resistance at +45. MACD is neutral at this point.

INDU should have a trading range between 8450 and 8575.
NDX should have a trading range between 1100 and 1130.
SPX should have a trading range between 910 and 930.
Aiming for a breakout to the upside JMHO.