Morning Dew - 25 April 2013

Key Points

• JCI finally managed to set a close above 5,000 mark at 5,011.61 after several failed attempts earlier. Now the index sees resistances at 5,026.92, 5,089 and 5,120 while supports stay at 4,960, 4,940 and 4,920 before the key 4,895. In addition, the intraday low at 4,987.10 should provide a minor support for the upcoming sessions.
• Overnight gains from U.S. Stocks boosted regionals performance on the Asian front. Both Nikkei and Hang Seng indexes soared. Expectations of a rate cut by the European Central Bank at the back of weakening German economic condition also provided support. Tuesday's poor showing of German PMI might be the trigger of a rate cut as soon as next week when the ECB meets.
• Dow slipped after U.S. Durable goods orders fell more than expected in March. Headline numbers fell 5.7% vs. 3% decline expected after 4.3% rise in February. Ex-transport items orders fell 1.4% vs. 0.5% increase expected. NASDAQ and S&P 500 little changed.

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