All three Wall Street indexes closed higher, led by the S&P 500 gained 0.75%, the Dow Jones gained 0.4% or 133 points, and the Nasdaq gained 0.69%. The trading was volatile as the market still digested the Federal Reserve’s December Meeting Minutes result, which implied that the trend of high-interest rates would persist for some time. Moreover, the Job Openings and Labor Turnover Survey (JOLTs) data showed a figure of 10.5 million (greater than the forecast of 10 million). The data is still considered to show high labor demand, making it less likely that the Fed will put the brakes on rate pace hikes, let alone cut rates.
The JCI shrank by more than 1%, falling 75 pts to 6813; quite a critical position as it remains to rely on the MA20 Support at 6813 before it sinks further, extinguishing this short-term bullish to the 6750-6700 Support again. The market participants chose to act more cautiously in anticipating the FOMC Meeting Minutes, which still have a Hawkish tone in the future. NHKSI RESEARCH advises traders/investors to consider the possibility of reducing portfolio positions if the decline continues today.
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