- JCI fell throughout the week alongside most of other global stock indexes as the market ponders at the possibility of the Fed to start reducing its monetary stimulus as soon as September. The Dow suffered more than 2% decline throughout the week. Technically speaking, the key resistance for the JCI next week will be the recent peak at 4699, followed by 4710-4720 (EMA resistance) as well as 4779, the next key resistance. Support will come at 4563, 4546, and 4403.
- Friday saw the releases of several US data, and as it turned out, confidence level fell in August to 80 from 85.1, way below the consensus of 85.2. Meanwhile, US housing starts and building permits were also reportedly came in below expectations despite showing turnaround from June's reading. Non-farm productivity, on the other hand, showed a better-than-expected reading in 2Q13.
- For detailed technical outlook, please refer to the other pdf file linked to this post.
Click here to download the technical update (PDF)
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