Replies to post #11426 on Market Sense and Sentiment (MKTSS)

[Bernard Ng]

IndexPulse TrendWatch for Tuesday

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

Time Frame and Trading Signals: as stated in iBox

Futures are slightly green. TNX gapped up and did nothing so far... gotta wait till market open to see where should we go. After I've reviewed the daily charts on the indexes, I'm pretty confidence to say that I will be bullish for a bounce today (finally), as long as today's trading action doesn't break the low of yesterday AND close red on INDU, I will stay at the long side. INDU and SPX look pretty bullish to me, NDX is lagging a bit. However, I also have 8400 as the medium term top for INDU.

Consumer Confidence and New Home Sales will come out at 10:00am. I don't expect it to affect the market a lot, though consumer confidence number should be bad.

INDU's 5 day MACD support at -60, resistance at +10. Watch the market when it reaches +10 today to take the profit.

INDU should have a trading range between 7950 and 8200.
NDX should have a trading range between 980 and 1020.
SPX should have a trading range between 840 and 870.
I'm bullish.
JMHO.

signed,
Bernard