- JCI ended higher on Tuesday, but still came short on cracking the first line of resistance at 4658. If the index manages to clear it up, then a follow-up rise can bring another crucial level at 4779 for a test. Only above 4779 could confirm that wave iii of c is in progress. Key support remains at 4563 at the moment.
- US retail sales data released overnight saw a slowing down in pace from a 0.6% gains in June to just 0.2% gains in July. The reading was below the consensus number which called for a 0.3% rise. The slowdown however, was seen as supportive for the Federal Reserve to maintain its current amount of stimulus.
- Wednesday will see the release of US Producer Price Index (PPI) data for July, yet timid inflation at the production level is seen neutral. In addition, PPI data has been less significant in influencing the market sentimen in recent years, unlike the more watched Consumer Price Index (CPI) which will be released tomorrow.
- Positive Dow is seen supportive for Wednesday's JCI's outlook. While mining stocks continue to shine, agriculture sector slumped. China's data are seen as positive catalysts but keep in mind that Chinese data tends to fluctuate rapidly sometimes. On the other hand, FOMC meeting in September is coming and it will hold the market hostage as the event nears. For now, stay cautiously positive as JCI is seen up towards its next hurdle at 4710-4720 en route to 4779.
Selasa, 13 Agustus 2013
Morning Dew - 14 August 2013
Key Points
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