Market Sense and Sentiment

[Bernard Ng]

IndexPulse TrendWatch for Wednesday

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

Time Frame and Trading Signals: as stated in iBox

Futures are red. FTSE is trading flat with some big movements. TNX gapped down, filled the gap, and trading sideway. It's a slightly bearish scenario out there. My testing signal suggests that we should get a red futures, and should not fade this gap. So I will short every rally from here, especially we closed below 320SMA. Not expecting it to fall off the cliff, aiming for 8100 max.

New Home Sales will come out at 10:00am during the trading day, not going to affect the market much.

INDU's 5 day MACD support at -60, resistance at +60. As opposite to yesterday, today is the day to go short, but I don't think we will touch the MACD resistance today.

INDU should have a trading range between 8100 and 8300.
NDX should have a trading range between 1035 and 1070.
SPX should have a trading range between 855 and 880.
JMHO.