Yes, the arrow is pointing to his jewels. Of course, they she could have told us he was holding an umbrella and I would have said "oh, I think I see it!"
For those of you who are familiar with Matt's facial expressions...he was holding Harper and when our nurse made the announcement he looked like a five year old on Christmas morning. Priceless.
Here is his profile...already a looker!
Note to those who are as sonogram illiterate as me...this pic is on its side and he is facing the right hand side of the screen. So his head is at the bottom of the picture and then it goes up and shows his belly. Just turn your head a bit to the right and don't try so hard or you won't be able to find him!