Market Sense and Sentiment

[Bernard Ng]

IndexPulse TrendWatch for Wednesday

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 trading at LOD. TNX is trading at LOD, things don't look right at the moment. I think the market will hold 8700 today. I'm sealing the top at 8150, the top has been revised down slowly in the past weeks, things do look bearish to me. I don't think we will close green today, so if the testing signal is predicting a little rally in the morning, I will try to short it.

No economic number will come out during the trading day.

INDU's 5 day MACD support at -40, resistance at +30. MACD is now at 5 day resistance (yesterday's resistance was +80), looking for a down turn from here.

INDU should have a trading range between 7700 and 7900.
NDX should have a trading range between 970 and 1000.
SPX should have a trading range between 820 and 840.
A rather tight range day JMHO.