Replies to post #11624 on Market Sense and Sentiment (MKTSS)

[bbgold]

Hi Bernard,
My internet was down most of the day. Looks as though the HOD signals on the FTSE and TNX were good ones. Time to contemplate whether the LOD at EOD on the Markets today will become Support. 7800 and 950 might be seen as Major Support levels but not worth holding a position over the weekend IMHO. Puts at the morning gap up to 8000 look as though they would have been the trade of the day using the 100 or 50 SMA resistance as a trigger. Time to start watching for another Support level. I am not sure how the markets will react to the weekend. I guess that all depends on what might happen over the weekend for them to react to Eh?
Have a Wonderful Weekend Bernard! :^)

[Bernard Ng]

IndexPulse TrendWatch for Monday

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

Time Frame and Trading Signals: as stated in iBox

Futures are pretty green. FTSE is trading at HOD at the moment. TNX gapped up but couldn't break the high, and broke below 320SMA, a sign for us to fade the gapup today. We broke down from the trading range on Friday completely, another reason for me to go bearish till Feb 14th. I will seal the top for any meaningful short term bounce to 8050. Since we are green now, and I think we will have sell off, so I put flat as the short term sentiment.

No economic number will come up during the trading day.

INDU's 5 day MACD support at -45, resistance at +45. A short would be recommended at +45, as it's pretty obvious that we are in the 2nd stage of the bear flag.

INDU should have a trading range between 7750 and 7950.
NDX should have a trading range between 940 and 970.
SPX should have a trading range between 820 and 840.
I've revised down both the support and resistance.
JMHO.