Replies to post #13555 on Market Sense and Sentiment (MKTSS)

[bbgold]

Weekly forecasted economic news
Generally the ISM under 50 is not a Bullish sign. Let's see if the markets continue to ignore negative news?
May 05 10:00 ISM Services Apr 49..0 49.0 47.9

May 06 14:15 FOMC Meeting

May 07 10:00 Wholesale Inventories Mar 0.3% 0.2% 0.3%

May 07 15:00 Consumer Credit Mar $1.0B $3.5B $1.5B

May 08 08:30 Initial Claims 05/03 440K 440K 448K

May 08 14:00 FOMC Minutes

[bbgold]

TRAN reaching a psychological resistance level?
Past one resistance hurdle but heading towards another?
Let's see what happens :^)

[RCKS]

Good morning Bernard, Your read looks good so far. pretty mild weakness. 10:30 will give us a better indication of where we are headed today. The markets are gonna look to CSCO after the close Tues. for an indication of how much more this could ramp up. The Dow is a Big laggerd here, it is well off its dec. highs while the Compx 1521 and the NDX 1155 are close to there's. The Dow was 9043 I believe but if Tech clears there dec highs we will test the Dows as well.
steve

[Bernard Ng]

IndexPulse TrendWatch for Tuesday

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

Time Frame and Trading Signals: as stated in iBox

Futures are flat. FTSE is trading at HOD. TNX gapped up but trading flat. The market looks neutral at the moment. The testing signal suggests that we should buy any dip and hold on to it, at least till FOMC meeting. All eyes on CSCO's earnings as well as FOMC meeting. The market will be pretty flat today, I think, until 14:15pm. From yesterday's plan, long at 8500, and see what will happen.

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 1120 and 1150.
SPX should have a trading range between 920 and 935.
the range doesn't include the breakout scenario, same as yesterday JMHO.