Wall Street indices were green with the Dow Jones closed with a plus 0.8%, or 254 points, while the S&P rose 1.2%, and the Nasdaq became the winner with 2% surge. US corporate earnings releases dominated the sentiment rolling on Wall Street, where the large tech. companies and chipmakers, including Microsoft and Intel were highlighted. Quarterly results from Microsoft are expected to reflect the impact of slowing demand, though recent cost-cutting measures including layoffs could soften the blow.
The JCI will face crucial Resistance at 6900, yet if could be passed through, it may begin the effort to break the medium-term downtrend and pave the way to the following Resistance: 6920-6960, then to the psychological level of 7000. NHKSI RESEARCH advises to hold off on Average Up as this short-term bullishness may encounter obstacles and be forced to pullback or consolidate for a while, and waiting for the issuers’ earning releases, which are scheduled to begin this week.
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