Market Sense and Sentiment

[Bernard Ng]

IndexPulse TrendWatch for Wednesday

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

Time Frame and Trading Signals: as stated in iBox

Note that I have changed the Long Term trend to Long.

Futures are green. FTSE is trading close to HOD. TNX gapped down huge, and can't fill the gap so far. The market looks mixed to bullish at the moment. The testing signal doesn't know what to do. With money already committed in the bond market, I think we could fade this gap up. On a daily basis, we are bullish (pretty obvious), and as I posted before, I think we are heading back to 9000. However, I still think that we should fall back to 8600 and possibily 8500 before we can take off to 9000.

No economic number will come out during the trading day.

INDU's 5 day MACD support at -30, resistance at +40. A short at +40 is what I'm looking for.

INDU should have a trading range between 8550 and 8750.
NDX should have a trading range between 1140 and 1170.
SPX should have a trading range between 930 and 950.
JMHO.