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 red. FTSE is trading at LOD. TNX gapped down and filled the gap. It's a mixed picture out there, but TNX suggested that we should fade the gap down, my testing signal agrees with it. Not much down side here in the sideway market, if we somehow drop below 7750, we might start to breakdown from this flat range here. Top is sealed at 8100 in any meaningful bounce, this can only be revised lower and lower as time goes by.

No economic number will come out during the trading day today.

INDU's 5 day MACD support at -45, resistance at +30. Not sure if MACD will test the support, but I'll be buying for a bounce there, as a gap and snap is on the deck on my book.

INDU should have a trading range between 7750 and 7950.
NDX should have a trading range between 980 and 1010.
SPX should have a trading range between 825 and 845.
JMHO.