Market Sense and Sentiment

[Bernard Ng]

IndexPulse TrendWatch for Wednesday

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

Time Frame and Trading Signals: as stated in iBox

Futures are green. FTSE is trading LOD, catching up with INDU. TNX gapped down, then it ran up a lot and trying to fill the gap at the moment. Things look bearish at the moment, together with AMAT's earnings. However, I will have today as a mild Long (for the morning) in the Short Term time frame with the resistance set at 7900. It will need a real bull to take INDU back to 7975, which is the top I sealed it for the near term, another revised down.

Note that NDX is actually much stronger than INDU and SPX. On a daily basis, NDX is at least doing a channel trading with the top at 1050. INDU and SPX are forming an expanding triangle, which could really take us for a ride if we broke 7800.

No economic number will come up during the trading day.

INDU's 5 day MACD support at -40, resistance at +30. Looking forward to seeing it touches +20 today, and I might look for a short there.

INDU should have a trading range between 7800 and 7975.
NDX should have a trading range between 960 and 990.
SPX should have a trading range between 825 and 840.
Assume that 7800 won't be broken, as that would be really bearish.