Daily Summary - 14 Mar 2012

YOUR MORNING COFFEE – Wednesday 14/3/2012

SUMMARY
· Wall St closed 1.7% higher, ahead of an early release of a major bank stress test, when JPMorgan and BA said that they passed the test. US Federal Reserve gave an upbeat assessment of the economy, as jobs and consumer spending have improved, and inflation under control. FOMC left rates unchanged. Retail sales rose 1.1%.
· Dow of 13,177, is targeting 13,279. Previous high is 14,198. RSI of 68, is on a spike up. Caution is on the key support 12,970, which will be negative if breached.
· Dollar Index is higher at 80.1. Upside is at 81.0.
· Crude oil is higher at USD106.7. Support is at 101.0.
· Dollar yen is higher at 83.0 yen. Resistance is at 84.3.
· Euro/dollar is lower at 1.308. Support is at 1.297.
· Gold is lower at USD1676. Downside is at 1625.
· Shanghai closed higher at 2,455.
· Singapore STI closed higher at 2,989.
· Ringgit is weaker at 3.033. Support is at 3.110.
· S’pore ringgit is higher at 2.409. Resistance is at 2.430
· Malaysian market closed lower at 1564. On the Daily chart, it broke the 200 MA of 1504, indicating a further upward push to 1609. Support is at 1550. RSI of 52, is weakening. Today’s range is between 1564 and 1580.
· CPO April futures is higher at RM3362. Resistance is at 3400.
· Trading : JCY ( 5161 : 1.10 ) : negative Head and Shoulder, SHCHAN ( 4316 : 1.10 ) : Targeting 1.24 XDL ( 5156 : 0.40 ) : Stop loss 0.38,  TAKASO ( 7071 : 0.23 ) : Stop loss 0.215

 Source:Jupiter Securities Research 14 March 2012