S&P 500 failed to close above the Strong Support level of 3,900, in a row in three trading days. Investors began to examine the potential for margin pressure and the topline of a number of 3Q22 earning results. As for the strengthening of Apple’s shares more than 1%, holding the pressure of Nasdaq down deeper, as the latest iPhone 14 Pro products with higher margin, able to record increased demand, have the opportunity to encourage Apple income and increase the Average Selling Price of iPhone. Wall Street pressure is also amidst the weakening of the US property market, with building permits Aug. Mom dropped -10%(vs. Jul. -0.6%) to the level of 1.5 million units or the lowest level since June 2020. Hawkish aggressive the Fed pushed the 30 -Year Fixed Mortgage Rate through the 6%level, the highest level first level the time since the 2008 subprime mortgage crisis.
Failure to close above the psychological level of 7,200, made NHKSI Research project that JCI will move to a sideways trend today, with Support: 7,186 / 7,150 / 7,050-7,000 and Resistance: 7,200-7,210 / 7,240-7,252 / 7,300-7,306 / 7355-7,377. Currently, investors are waiting for the results of the meeting of a number of Central Banks on Thursday West Indonesia Time, which are projected to return to Hawkish for the September period, including BI +25Bps (4.00%); The BoE +50Bps (2.25%) and the Fed +75Bps (3.00%-3.25%), according to a Bloomberg survey. On the other hand, investors are also anticipating the emergence of aggressive Hawkish speculation from the Fed and BI which has the opportunity to raise interest rates to 100Bps and 50Bps, respectively.
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