US Index was mixed with DJI up by 0.11%, yet the S&P500 and Nasdaq pulled back even more after the Christmas break. This was triggered by USDT10Y bond yields that went upside to nearly 11bps at 3.85%, as well as the release of US Goods Trade Balance (Nov.) economic data, which deficit narrowed to USD83.35 billion (vs. USD98.8 billion). Meanwhile, the US property market also showed that house prices fell below the rising mortgage interest rate. Towards the end of the year, US market participants seem to remain Wait & See ahead of the Fed’s meeting minutes and the announcement of employment data, which is planned to be released next week.

The long-awaited Santa Clause Rally has finally happened, with the JCI breaking the MA10/6850 resistance and apparently, it is heading to the next resistance, MA50, in the 6900-7000 area; thus, the NHKSI Research’s prediction about the JCI that might be able to close in the 7000-7100 range by the end of 2022 is becoming more feasible. Even though the foreign Net Sell posted IDR2.22 trillion on the equity market last week, it still recorded a Net Foreign Buy (all market) of IDR63.64 trillion YTD.

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