Doldrums
- Market continues to move back and forth between gains and losses as fresh catalysts remain absent. At the moment the gains and losses hinge on the Fed speculation over tapering and the impacts from releases of several not-so-significant-data.
- Domestically, earnings season will be stealing the market attention in the absence of key global issues and data.
Manufacturing Slowed
- US jobless claims came in more than expected at 350k for the week ending Oct 18, while the prior week reading has been revised down to 362k.
- US Preliminary PMI for October was down from 52.8 to 51.1, below consensus of 52.5, contrasting to China’s piece that came in at 50.9, better than the expected 50.4 and up from 50.2.
- Friday will see the US durable goods data for September released. Consensus sees 2% increase after a small 0.1% gains in prior month.
Technically Speaking...
- There is no change in view as the index remains stuck near its EMA support around 4,550.
- Prior high at 4,609 will act as near-term resistance, followed by 4,791 and 4,900 while the nearest support will be at the upper end of the EMA band at 4,550.
- MACD has started to edge higher again, while volume ticked up. Still no significant signal coming from RSI.
- No changes in the pool of recommendations for now. All are on hold.
Day Ahead
As the market is running out of major catalysts, the sessions ahead will be more likely going sideways. US earnings season continues to be around along with speculation over the start of Fed’s tapering.
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