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.
Mixed Picture
- Industrial production rose 0.6% MoM in September, beating the consensus of 0.4% gains while capacity utilization was reported at 78.3%, best since July 2008 and exceeded forecasts of 78%.
- US pending home sales slumped 5.6% in September however, the lowest since December, trailing consensus of 0.5% increase.
- US Federal Reserve is also bound to conclude its meeting on Wednesday. No change is expected.
Technically Speaking...
- JCI remained subdued as there has been lack of significant catalysts around. The index however, resilient above its daily and weekly EMA bands.
- Recent high at 4,611 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, followed by recent low at 4,499.
- Daily indicators hinted at exhaustion as volume slipped along with declining MACD and RSI. On the weekly basis however, the volume has started to tick up, while MACD’s ascend accelerated. Overall, the outlook for the coming week is cautiously positive.
- No changes in the pool of recommendations for now. All are on hold.
Day Ahead
Mixed US data continued to suppress the odds that the FOMC will deliver something new this mid-week at the end of the Fed’s regular meeting. US Producer Price Index will feature in Tuesday’s session in New York alongside retail sales figure. Sales data expected to see no change in September, but ex-auto and gas the data is seen to have gained 0.4%.
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