Morning Dew - 19 June 2013

Key Points

• JCI clawed higher on Tuesday as it got passed through its resistance at 4830, hitting the intraday high at 4862.01 before it settled at 4840.45 at the end of the day. This has been largely expected as the index is now within a consolidation phase which potentially set the trading range between 4500-5000. The nearest support at 4697.88 looks secure for now. More critical supports come at 4568 and 4510 with Tuesday's low at 4794.82 has been listed as interim support for the coming sessions.
• US stocks drifted higher as the Fed started its meeting last night. The FOMC will deliver its decision later tonite as the market watches cautiously.

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