Market Recap
All sectors were in the sluggish territory, constraining JCI movement. The massive capital outflows by foreign investors dragged JCI to a sharp drop. Top Losers: Infrastructure (-3.44%), Consumer (-1.97%), Basic Industry (-1.88%).
The U.S. bourses notched lower, whereas European and Asia bourses were at mixed mood. A steep tumble in tech stocks and fears of 2019’s earnings outlook led the U.S. bourses to slip. Global investors are still keeping their wary eyes on 3Q18’s earnings, geopolitical conflicts between European Union and Saudi Arab, and impacts of unresolved trade war.
Today’s Outlook: Global Markets Headwinds
Today we forecast that JCI is likely to reign in a rally mood within the support range of 5667-5670 and resistance range of 5727-5732. It is likely to face headwinds of global markets as last night the U.S. market finished at a sharp drop a lot higher than 2%. Indeed, Asia market slip as Japan’s market tumbled much higher than 3%. Global investors shrug off amid disappointing 3Q18 earnings. Their fears escalate, for 2019’ global economic outlook is murkier.
From the domestic outlook, 3Q18’s earnings fail to drag JCI higher, yet JCI is potential for rebounding within ahead days as a number of companies have yet to release their earnings.
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