Replies to post #12642 on Market Sense and Sentiment (MKTSS)

[RCKS]

Bernard I am with you in that I would now prefer to short the rallies but now we need a move Big enough to make the set up a little safer entry. I need one of those great rumors, like saddam is seen driving towards Syria. Actually I might buy that rumor, g,g g. Anyway I agree with jenna here in that this is an unsafe market even for scalpers. Next week will be different. My set up would be a runup to the 8500 area into the close on Friday.
Good trading Bernard
steve

[Bernard Ng]

IndexPulse TrendWatch for Wednesday

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

Time Frame and Trading Signals: as stated in iBox

Futures are red. FTSE is trading at LOD, kinda like colapsing. TNX gapped down and trading flat. It's a pretty bearish scenario out there. My testing signal suggests that we should fade this big gap down... HOWEVER, by the way FTSE is performing and the recent market consolidation, it looks more like a bear flag and a breakdown of consolidation. I will probably short the gap fading if there is one. The market looks like it want to breakdown from here. I will seal the top at 8300.

Help-Wanted Index will come out at 10:00am during the trading day, not going to affect the market much.

INDU's 5 day MACD support at -60, resistance at +60. As opposite to yesterday, today is the day to go short, but I don't think we will touch the MACD resistance today.

INDU should have a trading range between 8100 and 8300.
NDX should have a trading range between 1035 and 1070.
SPX should have a trading range between 855 and 880.
the same as before, though not expecting it to trade to the top range JMHO.