Market Sense and Sentiment

[Bernard Ng]

IndexPulse TrendWatch for Monday

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

Time Frame and Trading Signals: as stated in iBox

Futures are pretty green. FTSE is trading at HOD at the moment. TNX gapped up but couldn't break the high, and broke below 320SMA, a sign for us to fade the gapup today. We broke down from the trading range on Friday completely, another reason for me to go bearish till Feb 14th. I will seal the top for any meaningful short term bounce to 8050. Since we are green now, and I think we will have sell off, so I put flat as the short term sentiment.

No economic number will come up during the trading day.

INDU's 5 day MACD support at -45, resistance at +45. A short would be recommended at +45, as it's pretty obvious that we are in the 2nd stage of the bear flag.

INDU should have a trading range between 7750 and 7950.
NDX should have a trading range between 940 and 970.
SPX should have a trading range between 820 and 840.
I've revised down both the support and resistance.
JMHO.