Morning Dew - 29 April 2013

Key Points

• JCI maintained its footing throughout the week but fatigue was clearly visible. A new all-time high set at 5,026.92 has not been followed through by another strong push upwards. Hence, corrective wave is still a possibility in the coming week. Supports are seen at 4960-62; 4941; 4921-26; and 4896 before the key 4856. Resistances are expected at 5016 and 5027 before it can clear the way towards 5120 en route to 5284. 
• U.S. GDP grew less than expected in 1Q as growth was reported at 2.5% annually compared to 0.4% growth in 4Q12. Initially, the consensus came in at 3%. Growth in 1Q13 was supported by consumer spending which took the biggest chunk of the economy as it rose the most since 4Q10. Thomson Reuters/U of Michigan consumer sentiment  index for April also came in below expectation.
• Next week U.S. Data will feature a busy schedule with the releases of the key non-farm payrolls, unemployment rate, personal income and consumption as well as trade balance, pending home sales and the US ISM index for manufacturing and non-manufacturing sectors.

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