All three major US indexes ended lower last Friday, although the week’s performance was still impressive for the S&P 500 and Nasdaq, which rose 1.6% and 3.3%, respectively; while the Dow slipped 0.15%. Nonfarm payrolls (Jan.) accelerated sharply to 517K, well above an estimated 185K and 260K in the previous month, while the unemployment rate fell to its lowest level since May 1969 at 3.4%. In relation to the data, market participants set their sights on the US central bank and its further monetary policy, which began to appear dovish last week.

The JCI finally managed to end last week with an increase above the psychological level of 6900 (6911.73 to be exact) along with high VOLUME; but on the other hand, it dropped from the intraday high of 6952, as it made a Shooting Star candle (bearish reversal) in the Resistance area. It seems that the “surprise” of the US Nonfarm Payroll report released last Friday as well as Indonesia’s 4Q22 GDP scheduled to come out today will conclude the sentiment rolling in the market. NHKSI RESEARCH assumes that the Uptrend is still intact, although clearly the Resistance level of 6950-6960 plays a crucial role ahead, to ensure JCI moves steadily towards 7000. Investors/traders are advised to hold while giving the market time to stimulate several macroeconomic data and corporate financial performance report that will be more frequent in the future.

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