Market Sense and Sentiment

[Bernard Ng]

IndexPulse TrendWatch for Monday

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

Time Frame and Trading Signals: as stated in iBox

Futures are red. FTSE is slightly green after a big runup in the morning. TNX gapped down, can't fill the gap, now heading down again, looks pretty bearish. The short term top for any meaningful rally would be 8200, that's it. The coming week looks pretty bearish to me, now that all indexes went to overbought region.

Treasury Budget will come out during at 2:00pm, don't think that it will do anything to the market.

INDU's 5 day MACD support at -40, resistance at +80. MACD should hit support at 7850. I don't expect the market to dump big today... well, I mean, not below 7850.

INDU should have a trading range between 7850 and 8050.
NDX should have a trading range between 990 and 1020.
SPX should have a trading range between 830 and 855.
about the same as Friday JMHO.