Market Sense and Sentiment

[Bernard Ng]

IndexPulse TrendWatch for Wednesday

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

Time Frame and Trading Signals: as stated in iBox

Futures are green. FTSE is trading at HOD. TNX gapped up, trading at high level. It's a bullish scenario out there. My testing signal suggests that we should fade this gap. The Plan will go bullish as it will trade above 8100 (320SMA) at open. What I will do is to fade the gap up at 8250/8300. However I do not expect the sell off will last for the whole day. It's designed for a quick trade only. 8150 could be a good level to cover the shorts.

Factory Orders will come out at 10:00am during the trading day, it is going to effect the market is the data reflects the cost of war.

INDU's 5 day MACD support at -60, resistance at +30. Looking for a short at resistance. Remember, do cover it quickly.

INDU should have a trading range between 8000 and 8300.
NDX should have a trading range between 1020 and 1050.
SPX should have a trading range between 840 and 880.
JMHO.