Market Sense and Sentiment

[Bernard Ng]

IndexPulse TrendWatch for Monday

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

Time Frame and Trading Signals: as stated in iBox

Futures are green. FTSE gapped down, but trading at HOD, recently got a HOD signal. TNX gapped down and trading at LOD. The market looks bullish at the moment. The testing signal expects a green futures, but not suggesting us to hold it till the end of day, but not suggesting we should fade the gap either. The Plan is bearish, 320SMA is about 8400. The daily chart has turned back to bearish, it is really trading close to the apex of an ascending triangle (bullish), wanting to do some kind of breakout, one way or another, BIG.

No economic number will come out during the trading day.

INDU's 5 day MACD support at -45, resistance at +45. We are trading flat in the face of a positive crossover at support. Things do not look strong at all. If we can't get strong here, the next crossunder will probably be a huge tankage.

INDU should have a trading range between 8250 and 8400.
NDX should have a trading range between 1070 and 1100.
SPX should have a trading range between 890 and 910.
the lower range doesn't include the potential huge breakdown JMHO.