Wall Street’s downward trend continued until the end of last week (21/01); with the S&P500 and Nasdaq posting their biggest weekly declines since March 2020. The rotation out of tech stocks continued, led by Netflix which fell 21.7%. Expectations of a more aggressive Fed rate hike have put pressure on the stock market in early 2022.
JCI closed last week with a significant gain of 1.5% to 6,726; accompanied by increases in all sectoral indexes. Investors’ focus will be on the FOMC meeting scheduled for this week, to see the direction of monetary policy from the Federal Reserve. Technically, the JCI has the opportunity to test a new high with a projected range of 6,700-6,820.
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