All three major US indexes closed September in the red, with the S&P 500 ending its seventh straight month of gains. Investors’ focus was still on the progress of negotiations regarding the increase in the debt ceiling, to avoid government shutdowns or defaults. Meanwhile, weekly jobless claims rose again to 362K, higher than the estimate of 330K.
JCI ended the third quarter of 2021 with sharp gains, supported by the energy sector which rose 5.65%. Entering October, market participants will again pay close attention to the release of routine economic data, such as the inflation rate and manufacturing PMI. Technically, the JCI has the opportunity to experience a reasonable correction with a projected range of movement at 6,150 – 6,350.
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