Market Sense and Sentiment

[Bernard Ng]

IndexPulse TrendWatch for Monday

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

Time Frame and Trading Signals: as stated in iBox

Futures are green. FTSE has a huge runup in the morning and consolidating at high, if we expect INDU to play catcup, it should be a rather green day. INDU had made a LOD type of signal on a daily basis, see if we can develop a rally here for us to short it back in the Medium Term time frame. According to the futures, we are not making a right shoulder, so I assume we are making an expanding triangle, with Short Term resistance reset to 8200.

ISM Index and Construction Spending will come out at 10:00am. I expect the ISM Index to be lower than last one, but will it affect the market to go up? Maybe for 10 to 15 min only.

INDU's 5 day MACD support at -60, resistance at +30. Watch the market for a little pull back at +30, as we've been range bouncing for a while.

INDU should have a trading range between 8000 and 8200.
NDX should have a trading range between 980 and 1020.
SPX should have a trading range between 850 and 880.
JMHO.

signed,
Bernard