The three major US indexes successfully rallied to rebound significantly at closing (20/07), after a massive sell-off at the beginning of the week. Investors are back to hunting industrial and transportation stocks which had sharply declined due to fears of rising Delta variant Covid-19 cases. Meanwhile, US 10-year Treasury yield continued its decline to around 1.2%.
Domestically, the movement of JCI today will be influenced by the reaction of market participants to the decision to extend the Emergency PPKM until July 25, 2021. The government plans to open gradual activities if the downward trend in the number of Covid-19 cases continue. Technically, JCI still has the potential to be depressed within the range of 5,950 – 6,130.
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