Market Sense and Sentiment

[Bernard Ng]

IndexPulse TrendWatch for Wednesday

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

Time Frame and Trading Signals: as stated in iBox

Futures are red. TNX gapped down and consolidate at low, very dangerous if this keeps going after market opens. Last time we have consolidate at low in the morning, the market tanks like a rock. So we finally got a bounce yesterday (a lousy one), but the 60 min chart says that the short term top is 8200. While I have the medium term top sealed at 8400. This market is going straight down after any meaningful bounce. I put flat on the short term time frame because I believe we are in a bounce on a daily basis, at least should test 8200 before selling off again. While futures are red now, so I just put Flat for the day.

The results of FOMC meeting will come out at 2:15pm, it will really move the market. However, no one expects any change in the interest rate.

INDU's 5 day MACD support at -60, resistance at +10. Watch the market when it reaches +10 today to take the profit.

INDU should have a trading range between 7950 and 8200.
NDX should have a trading range between 980 and 1010.
SPX should have a trading range between 840 and 870.
Same as yesterday, but I've reviewed the top of the range to the down side.
JMHO.

signed,
Bernard