Market Sense and Sentiment

[Bernard Ng]

IndexPulse TrendWatch for Wednesday

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

Time Frame and Trading Signals: as stated in iBox

Futures are red. FTSE was trading well, now it's close to LOD after the HOD signal. TNX gapped down but trading flat. The market looks bearish at the moment. The testing signal agrees with the red futures, and suggest that we should not fade the gap in the morning. I'm expecting another flat day, CSCO's earnings can't get us above 8600 and beyond. Now, it's just a waiting game.

FOMC meeting at 14:15 during the trading day. It could affect the market thru out the rest of the day.

INDU's 5 day MACD support at -45, resistance at +45. MACD is pretty much neutral as well.

INDU should have a trading range between 8500 and 8625.
NDX should have a trading range between 1130 and 1160.
SPX should have a trading range between 920 and 940.
a tight range, not included the potential breakout range. JMHO.