Replies to post #13890 on Market Sense and Sentiment (MKTSS)

[Bernard Ng]

IndexPulse TrendWatch for Monday

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 at LOD. TNX gapped down, but trading at HOD subsequently. The market looks bearish at the moment. The testing signal suggests that we should sell every rally and hold on to it, it has been giving such a signal for two days last week. The market seems to be strong, but I guess with the plunging dollar today, two wrongs will make one right. The Plan is bullish with 320SMA at 8550, I think we should go under it today, else we should really look at the upside of this market.

Consumer Confidence, Existing and New Home Sales numbers will come out at 10:00am during the trading day. I think the Consumer Confidence number will be good, but the reaction will be bad.

INDU's 5 day MACD support at -60, resistance at +30. Looks like the crossunder will still be in play till noon.

INDU should have a trading range between 8500 and 8650.
NDX should have a trading range between 1110 and 1140.
SPX should have a trading range between 920 and 940.
JMHO.