Dow Jones slipped by more than 1% on Tuesday, paced by a rout in Goldman Sachs after Wall Street delivered its worst earnings miss in a decade. However, a significant rise in Tesla kept the Nasdaq in positive territory as earnings season started to dominate the market atmosphere. Refinitiv survey data states: analysts expect S&P500 corporate profits to fall 2.4% in 1Q22, continuing the 1.6% decline earlier this year. China’s macroeconomic data showed that 4Q GDP still managed to grow 2.9% YoY (higher than the 1.8% forecast, though lower than the previous period of 3.9%). Meanwhile, the inflation rate in Germany is still unmoving from the 8.6% level.
On the other hand, JCI posted a significant gain of 1.185% to the 6767 level. Therefore, it reached the MA20 Resistance Target, and for the first time in recent days, foreign started to show buying interest in bluechip, with a Net Buy of IDR229.63 billion in the regular market. Market participants are making use of the strengthening Rupiah momentum and Trade Balance’s 32 consecutive months of surplus, as well as expectations that the Fed could start its dovish at the FOMC Meeting next month. In response to the current index position, NHKSI RESEARCH advises capital market investors/traders to start averaging up the stocks that are capable of breaking their initial Resistance level while being aware of stocks profit taking that stalled right at the Target area because the short-term bullish is expected to still filled with volatile movements.
Download full report HERE.
