Replies to post #13243 on Market Sense and Sentiment (MKTSS)

[bbgold]

Futures watch
Overnight resistance at 893 and 8340. Markets in slight freefall mode here since retracing down from that resistance. Not sure where the support will come in, maybe 8235 again, so will be watching for a LOD type signal. Most likely any bounce from that low will find resistance at the 100/320SMA and send the markets back down again, maybe. If that does occur it could be our Short Puts signal we are looking for longer term. Would need to see the 5day SMAs crossing negative and the markets continuing to find them as resistance. Might watch the MACD for another positive crossover but it might not make it back above 0, maybe. Possibility the gap will fill today and then continue downside, JMHO though. Need to run errands today but might make it back for the close, maybe.
Enjoy the Day Everyone!

[RCKS]

Hi Bernard just before the close here but it looks like we will get a HOD @ EOD and this market is looking mighty frothy and clearly creating pain for me. I see us going higher here in the near term. There's no way we don't test the Jan high 1467 and probably the Dec. high of 1500-1520. Today volumes increased and at least some internals as well.
I can't see buying Calls here but buying them on the next pullback may make sense.
We are quite overbought on the 60 and nearing it on the daily. So we should correct some but not much if we are going to test the nearby highs.
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 green. FTSE is trading at HOD after the morning catchup with INDU. TNX is trading flat. The market looks bullish at the moment. The testing signal agrees with the green futures, and suggesting us to fade the gap and hold on to it. The Plan is Bullish, to follow the testing signal or not, it's your call. I still like the bear and will fade the gap, will probably cover it at 8400, probably 8375. The rally from yesterday was started by a false rumor, but it ends up starting a respectable rally, and turned INDU to from bearish to bullish on a daily basis. Would it be a trap, that's what I'm betting on so far, as we have also topped out on a daily basis, even though we've just turned bullish.

Fed's Beige Book will come out today at 2:00pm today. don't expect it to do much to the market.

INDU's 5 day MACD support at -30, resistance at +40. We are right at MACD resistance, and about to do a crossunder.

INDU should have a trading range between 8375 and 8500.
NDX should have a trading range between 1085 and 1110.
SPX should have a trading range between 895 and 915.
JMHO.