- Prolonged budget deadlock in Washington continues to pressure the market sentiment as stocks fell in Asian trading. JCI edged 0.33% lower, while Nikkei and Hang Seng indexes slipped 1.22% and 0.71%, respectively. US now has until October 17th to sort things out or it will hit its debt ceiling and default, something that will create chaos in the global stock market and crush the integrity of the US economy.
- JCI failed to take on its 50-day EMA resistance at 4426 and fell to as low as 4357.46 before settled the day at 4374.96. While still above its double-bottom support at 4313-14, the continuation of downward pressure will risk this support to be broken and hence will risk the retest of the next support at 4206/07. The RSI had already signalled such risk and the MACD also supports this negative outlook at the moment. Upside, the resistance stays at 4426 first and 4510-4545 next. Unless the US budget impasse ends, the index is likely to stay under pressure.
- US stocks continued to fall on Monday as no budget deal in sight. While budget impasse and showdown have been somewhat tolerable by the market, a US debt default is something beyond expectations. For Tuesday, the market will be setting its attention to Washington.
- LCGP found its footing during the Monday's trade as it edged higher to end at 260. MDLN and PGAS managed to stay positive as well. MLPL worsened however, as it ended the session at 355, while ARNA, AISA, and ACES stayed underwater.
Senin, 07 Oktober 2013
Morning Dew - 8 October 2013
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