JCI closed higher on Tuesday’s trading day as the consumer sector rallied. Trump’s critic over the Fed suppressed USD. Top Gainers: Basic Industry (+2.54%), Consumer (+2.40%), Agriculture (+1.62%)
The U.S. stocks moved mixed. The robust quarter earnings were failed against the political jitters of Trump’s stance.
European stocks closed flat as Trump imposed the tariffs of 25% on European cars.
Asia stocks moved mixed amid the escalating politic issue in the U.S. and investors’ expectancy of the trade meeting between the U.S. and China.
Today’s Outlook: The Fed’s Concerns
We estimate that today JCI likely rallies with the support range of 5909-5918 and resistance range of 5994-6006. The positive sentiment from the global outlook is the release of the Fed’s minutes. The Fed stated its concerns about the prolonged trade war inevitably constraining the recovery in the U.S. economy. Such backdrop dims the expectancy of 4x rate hike in 2018. Additionally, the pressure on the U.S. dollar causes the global markets to be bullish.
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