No Santa Rally, Sorry.
Santa did not come for Christmas this year as JCI stays stuck in a rut between 4,100 and 4,300.
While we still have a few more days this 2013, it is likely that we will witness no sharp movements during the remaining sessions.
In the US, the Dow index stays high as rosy data keep pouring down the market. Still, the responses so far have been limited as well.
The next update will be at the start of January.
Durable Goods, Housing Data
US durable goods orders were up 3.5% in November, reversing October dip of 0.7%. The reading was better than the consensus rise of 2%. Excluding transportation items, orders were up 1.2%, beating consensus gains of 0.7%.
Elsewhere, new home sales dipped 2.1% from October after a strong jump in October (+17.6%). The fall was worse than consensus dip of 0.9%, however.
Technically Speaking...
JCI continues to gyrate between 4,109-4,282 as we past Christmas. Lack of fresh fundamental catalysts may continue until the year closes.
The nearest resistance is spotted at 4,282, followed by 4,331. On the flip side, the support is seen at 4,109 with subsequent support at 4,012.
MACD is struggling to defend its footing above the zero line, while the RSI has been fluctuating around the neutral zone. So far, the bullish divergence structure remains intact but the index needs a jump to confirm the pattern.
Recent pick-up in volume has unfortunately, faded away. Overall, the bullish potential has slowly losing form and unless the bulls strike, the bears will roar through the year end. For now however, the bulls and the bears seem to have bumped into a stalemate.
Day Ahead
As we approach the end of the year, the market is expected to be losing energy. Lack of new catalysts from domestic and overseas fronts will render trading activities pretty much subdued. It is expected to be picking up steam again at the start of January. JCI is seen ranging between 4,100-4,300 until year-end.
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