Market Sense and Sentiment

[Bernard Ng]

IndexPulse TrendWatch for Tuesday

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

Time Frame and Trading Signals: as stated in iBox

Futures are green. FTSE is trading at HOD and had a big day. TNX gapped up, filled the gap and bouncing. Everything looks bullish ahead of Greenspan's Senate appearance. However, from what we will get in the gapup, we should hit major resistance almost right away right after open, this setup for a potential gap and crap day. The absolute top for today's run is 8150, that will need a real bull to get there.

No economic number will come up during the trading day.

INDU's 5 day MACD support at -45, resistance at +45. I'm looking for a short at +45, which should happen sometime right after open.

INDU should have a trading range between 7800 and 8000.
NDX should have a trading range between 950 and 980.
SPX should have a trading range between 825 and 850.
JMHO.