Market Sense and Sentiment

[Bernard Ng]

IndexPulse TrendWatch for Tuesday

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

Time Frame and Trading Signals: as stated in iBox

Futures are red big time. FTSE is red and trading at LOD. TNX has made a LOD signal, but still can't break the morning high. I assume the LOD signal is valid, but I believe it won't be able to cover the lost on NDX. Looks like INDU is range bouncing between 8150 and 7900 right now. On the daily basis, INDU looks like forming a bear flag. The bounce has been sold for a week and sealed the top at 8150.

Factory Orders and ISM Services will come out at 10:00am. Don't think it will affect the market much.

INDU's 5 day MACD support at -40, resistance at +30. MACD couldn't break resistance yesterday. MACD is coming back down, watch the MACD support around 7900 to see if we could get a minor bounce. Again, I'm not looking for big longs here, maybe for a scalp.

INDU should have a trading range between 7900 and 8150.
NDX should have a trading range between 970 and 1000.
SPX should have a trading range between 840 and 870.
JMHO.


signed,
Bernard