Replies to post #12537 on Market Sense and Sentiment (MKTSS)

[was Steve]

fading the gap is the play in my charts and minds eye as well. this does have the potential to be a gap and crap to negative levels, but so far betting on much past even is a losing proposition.
steve

good luck all,
steve

[RCKS]

Good morning Bernard, I don't think I would attempt to stand in front of this freight train. I follow Velo on SI and he has the Raptorresearch Group site and he is holding firmly onto his beliefs that we are going down. He is saying this market is topping and maybe it is but there is also the danger here, if one is short, that we are in the Brother leg to the rise out of the lows in the Fall and if that were to be the case we will go to 9000 to 9300 on the Dow. I am not predicting or forecasting that but one should allow for it here IMO.
Good trading Bernard
steve

[Bernard Ng]

IndexPulse TrendWatch for Monday

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

Time Frame and Trading Signals: as stated in iBox

Futures are very red. FTSE is trading at LOD with a big down day. TNX is trading at LOD, trying to hold support at 32SMA and make a LOD signal. It's a bearish scenario out there. My testing signal suggests that we will should short the morning bounce (probably due to the TNX LOD signal) if there is one. Looks like delta hedging did the magic last week to the market. After options expirary, it is a sea of red together with the negative war news. We mananged to close above the 200DMA on Friday, see if we can hold it today, probably not. My plan here is to look for a double top to form this week before I go heavy short.

No economic number will come out during the trading day.

INDU's 5 day MACD support at -15, resistance at +75. If we will ever get back to +75, short it.

INDU should have a trading range between 8200 and 8500.
NDX should have a trading range between 1065 and 1100.
SPX should have a trading range between 870 and 900.
JMHO.