Market Sense and Sentiment

[Bernard Ng]

IndexPulse TrendWatch for Friday

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

Time Frame and Trading Signals: as stated in iBox

Futures are slightly red. FTSE gapped up to catchup with INDU, and now trading flat. TNX did the same thing as FTSE. The market looks neutral to bearish at the moment. The testing signal suggests that we should sell the runup in the morning if there is one and hold on to it, short at 8500 probably. The daily chart is trying to turn bearish... what a shaky week(s). The Plan is neutral at the moment with 320SMA/100SMA as resistance.

Factory Orders will come out at 10:00am during the trading day. It could affect us for 5 min.

INDU's 5 day MACD support at -45, resistance at +45. Looking for a short at +30 and above, we are just channel trading here.

INDU should have a trading range between 8375 and 8525.
NDX should have a trading range between 1100 and 1120.
SPX should have a trading range between 905 and 925.
Aiming for a breakout to the upside JMHO.