All three US indexes rallied again for the second day, supported by a solid quarterly performance report and a rally in Technology stocks after Conference Board’s consumer confidence data jumped to 108.3 from 101.4, even surpassing economists’ forecasts of 101. This key data indicator shows a strengthening in consumer spending, which is crucial to driving economic growth. Thus, it can reduce recession fears.
Santa Claus Rally seems like coming to the stock market after yesterday’s JCI Closing at 6820, which was the most definitive during the sideways period within the last two weeks; breaking through the closest Resistance MA10 & opening up the potential for the next strengthening towards the MA20/6880-6890. President Joko Widodo signalled that he would stop the Community Activities Restrictions Enforcement (PPKM) policy next year, giving hope that the economy will soon run at an optimal speed.
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