Bears have gained the upper hand in US stock market as weak economic data point to slowing growth of US economy. Markit reports yesterday signaled a slower pace of growth in September. The flash reading for composite purchasing managers index from IHS slipped to 54.4 in September from 54.6 in the prior month. It was due to slowing expansion in services sector as flash services purchasing managers index inched down to 54.6 from 55 in August. However the flash manufacturing index rose to 53.5 in September from 53.1 in the prior month. And Randal Quarles, the Fed’s vice chairman, said that continued support of Congress and monetary authorities will be required to sustain a robust recovery. However lawmakers cannot agree on additional stimulus measures and investors see dwindling likelihood of another aid package before presidential election. Weak economic data are bearish for Nd100.
| Indicator | VALUE | Signal |
|---|---|---|
| RSI | Neutral | |
| MACD | Sell | |
| MA(200) | Buy | |
| Fractals | Sell | |
| Parabolic SAR | Sell |
| Order | Sell |
| Buy stop | Below 10675.86 |
| Stop loss | Above 11547.67 |
Market Analysis provided by IFCMarkets.com
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