Replies to post #13799 on Market Sense and Sentiment (MKTSS)

[Bernard Ng]

The gayness of economic number, the 9:45 number is good, but the overall reaction is bad after the very first initial reaction (the first bar) to the number. The number doesn't tell you anything, but the trading action does, if the market is supposed to go down, the number won't affect it.

[bbgold]

Awesome call Bernard!
I love the Fade the Gap signal. Even though the TNX gapped down this morning the close above the SMAs did indeed lead to a gap up in the AM, just as closing below them could lead to a gap down in the AM. Not sure if that phenomenon will continue or not. Will we trade the opposite of Monday and close out the week Even? That would certainly be Interesting if it happens. I will be watching.
Good Luck Bernard! :^)

[RCKS]

Good morning Bernard
Do you believe in the Transports being the Dow leading indicator. This is the 2nd day of the Trannies selling off pretty good and diverging from the Dow yesterday and pulling the Dow today.
This may not prove out ( if I bet on it, it won't for sure) but I think we may have put in a top here. we've broken through some up channels, the NDX bottom line was near 1148 at the open and rising about 4-5 points a day. We sit at 1148 now.

We won't get confirmation today but I think we do Monday. With expiration today, we will probably stay where we are now a range of 20-30 points either way on the Dow (8640-8680) into the close. Maybe near the close we get a bigger move but I doubt it. The QQQ's look to have 28.50 as their target for expiration.
I believe early next week you change your long term forecast to short. JMHO.
steve

[Bernard Ng]

IndexPulse TrendWatch for Monday

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

Time Frame and Trading Signals: as stated in iBox

Note that I have changed the Long Term trend to Long.

Futures are red. FTSE is trading at LOD. TNX gapped down and trading at LOD, just made a LOD signal. The market looks bearish at the moment. The testing signal suggests that we should sell every rally and hold on to it till 11:00 (I'm trying to get precise, another experiment). Looks like the range bouncing could end today to test the lower range of a bigger channel. By the time we open, we will trade below 320SMA, bearish.

Leading Indicators will come out at 1:00am during the trading day. It will affect the market for 5 min.

INDU's 5 day MACD support at -20, resistance at +50. The signal doesn't know what to do.

INDU should have a trading range between 8550 and 8730.
NDX should have a trading range between 1140 and 1165.
SPX should have a trading range between 930 and 945.
Same as last week, looking for a breakdown to test the lower range JMHO.