The Dow Jones and S&P500 closed the weekend with new record highs for the fourth day in a row. However, investors are starting to be wary of the impact of the delta variant spread, which caused the Consumer Sentiment Index from one survey to drop sharply to a level of 70.2. The report triggered the 10-year US Treasury yield to fall back below 1.3%.
Throughout last week, JCI declined by 1.03%; in the midst of a net sell off by foreign investors worth IDR 717 billion. Market participants will pay close attention to Indonesia’s economic projections in President Joko Widodo’s 2022 Financial Note speech scheduled for today. Technically, JCI has the opportunity to strengthen at the beginning of this week with a projected range of movement at 6,070 – 6,220.
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