Market Sense and Sentiment

[Bernard Ng]

IndexPulse TrendWatch for Tuesday

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

Time Frame and Trading Signals: as stated in iBox

Futures are mixed. FTSE is trading flat with some big movements. TNX gapped down and trading flat. It's a mixed scenario out there. My testing signal suggests that we will get a green futures and should at least be flat by noon, if not green. I don't expect the bottom to be fallen out today, and will sealed the bottom at 8100. We are now trading below 320SMA, the simple plan is to look for shorts here. Again, I'm hoping the market to go up and form a double top for heavy shorts.

Consumer Confidence and Existing Home Sales will come out at 10:00am during the trading day.

INDU's 5 day MACD support at -60, resistance at +80. Today is not the day to go short, but I don't like the long either.

INDU should have a trading range between 8100 and 8350.
NDX should have a trading range between 1035 and 1065.
SPX should have a trading range between 850 and 880.
JMHO.