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.
- U.S. stocks slipped as the FOMC delivered its decision to keep the stimulus amount intact after a 2-day meeting as widely expected.
- Domestically, earnings season will be stealing the market attention in the absence of key global issues and data.
Sales and Confidence Slipped
- Private sector hiring slowed in October to 130k compared to September 145k and below the consensus of 150k.
- Consumer Price Index accelerated to 0.2% in September faster than 0.1% seen in August, an in line with consensus. Ex-food and energy, the inflation stays at 0.1%, less than the expected 0.2%.
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 4,530, followed by recent low at 4,499.
- Daily indicators hinted at exhaustion as volume slipped along with declining MACD and RSI, but as the index stays above the EMA band, the outlook stays positive.
- No changes in the pool of recommendations for now. All are on hold.
Day Ahead
The doldrums set to continue after the Fed meeting passed with no big surprise. Jobless claims data will be released this Thursday, but expect minor impact from the data. Market’s attention will be more focused on the domestic earnings released.
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