Market Sense and Sentiment

[Bernard Ng]

IndexPulse TrendWatch for Tuesday

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

Time Frame and Trading Signals: as stated in iBox

Futures are pretty green. FTSE is wishy washy about breaking 3700 after a big runup yesterday. TNX gapped up and looked strong so far. SOX is going to break the resistance at 280, which is meaningful, since every meaningful rally needs SOX to participate. Let's see if INDU can break 8000, it's now trading above 320SMA, hence bullish. All indexes are oversold on a daily basis, so this bounce could materialize.

No economic number will come out during the trading day.

INDU's 5 day MACD support at -45, resistance at +30. INDU is going to break that resistance today. No resistance reference is available.

INDU should have a trading range between 7800 and 8100.
NDX should have a trading range between 965 and 1000.
SPX should have a trading range between 825 and 855.
JMHO.