Replies to post #12069 on Market Sense and Sentiment (MKTSS)

[Bernard Ng]

I left this out... another number coming out at 9:45am, instead of selling off at 10:00am, we might just do it at 9:45am.

Univ of Michigan sentiment expected at 79.2
The Univ of Michigan's final consumer sentiment number for February is due at about 9:45 ET; the market expects a 79.2 reading, unchanged from the early Feb number. Clearly there is a risk of a lower number given the sharp decline in the Conference Board's index. In fact, the market is almost certainly discounting a lower number even if economists aren't.

[Bernard Ng]

IndexPulse TrendWatch for Monday

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

Time Frame and Trading Signals: as stated in iBox

Futures are green. FTSE is trading at HOD. TNX is trading at LOD. Overall, a mixed picture, with TNX suggesting that we should fade the gapup. One exception though, if TNX made a LOD signal, we will be very bullish. The testing signal got the green signal today, I think we will touch 8000 today. While I'm sealing the absolute top to 8100 on INDU. From the trading range I projected today, there is not much room for the indexes to run after the gapup. Long is definitely not good enough to make money from the options, gotta pick the top.

ISM Index and Construction Spending will come out at 10:00am during the trading day, should lead to the turning point of the market from bull to bear or bull to flat.

INDU's 5 day MACD support at -45, resistance at +30. MACD will once again test +30 today, which should provide another point for us to short this little bounce.

INDU should have a trading range between 7800 and 8000.
NDX should have a trading range between 995 and 1030.
SPX should have a trading range between 830 and 860.
JMHO.