US stock index was pressured by more than 1%, triggered by a sell-off in Technology & Consumer stocks that started by the Micron Technology Inc., which corrected by 3% after reporting a below expectations quarterly performance and concerns on the future bleak economic would worsen the demand. Aviation stocks also put pressure on the index after several flight schedule cancellations due to a blizzard. The Commerce Department’s projection on 3Q22 US GDP grows 3.2% higher than last month’s reading of 2.9%, potentially causing the Fed to tighten its monetary policy.
The JCI Support Test was considered successful by closing above 6812, opening up the potential for further strengthening towards 6870-6880/6950-6960. BI’s decision to raise the 7DRR benchmark rate by 25 bps was in line with market expectations and considered priced-in, this close the monetary policy in 2022 at the level of 5.5%. NHKSI Research estimates that this short-term Bullish projection is still part of the Santa Clause Rally scenario, which expected to last until the year-end JCI close at the target of 7000-7100.
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