Replies to post #12297 on Market Sense and Sentiment (MKTSS)

[bbgold]

Mini Dow Futures Watch
The overnight futures dropped down to 7445 before finding support. There was a spike to 7555 at 7 AM, the Osama report? The futures then found support at 7465 and have been climbing ever since back to resistance at 7445. 7450 might be our new resistance level to watch. Breaking back past that point and having it become Support would give the markets a short term breakout and perhaps a short term rally. A move back below 7500 could see a full reversal to 7445 or lower. SPX resistance level to watch is 805 for a breakout and support. A move back below 798 might signal a retracement, maybe. Bonds are still looking fairly strong so we will just have to see if we get our Max Pain rally day or not.

[Bernard Ng]

IndexPulse TrendWatch for Thursday

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

Time Frame and Trading Signals: as stated in iBox

Futures are green. FTSE is trading at HOD. TNX gapped up and trading at HOD. The whole scenario is very bullish. My testing signal agrees with the green future, but pointing me to fade this gap. I guess I will be a contrarian today. To me, there is not much juice left for the market to run, 7650 is the top INDU could go. Watch NYA at 320SMA as a possible turning point.

No economic number will come out during the trading day.

INDU's 5 day MACD support at -40, resistance at +20. We are going to hit the resistance right after open, telling me to fade the gap as well.

INDU should have a trading range between 7450 and 7650.
NDX should have a trading range between 960 and 985.
SPX should have a trading range between 790 and 815.
SOX was extremely bullish yesterday, expect it to turn back down with the semi's downgrade today. JMHO.