Market Recap
Following the Asian markets, JCI nudged up on Friday. The rally was backed by the Fed’s statements on the Fed’s interest rates outlook. Top Gainers: Property (+2.32%), Misc. Industry (+1.38%), Basic Industry (+0.70%).
Global markets mostly closed higher on Friday as investors focused on the arrest of Huawei’s CFO and the Fed’s dovish stance. On the other side, the escalating trade war between the U.S. and China relating to the U.S. plan to prosecute China’s citizen accused of hacking the U.S. telecommunication company constrained the U.S. markets.
Today’s Outlook: Jitters of Global Data
We estimate JCI to lower with the support range of 6065-6073 and resistance range of 6153-6157. The negative sentiment comes from the release of the U.S. and China’s macroeconomic data. The U.S. released November’s job data. November’s labor increased by only 155 thousand, much lower than the estimate of 198 thousand. The backdrop indicates the possible slowdown in economic activities, initially estimated by economists.
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