US job vacancies as of August, recorded their biggest decline in 2.5 years, and a belowexpected Australian rate hike, raised expectations of a FFR hike of not +125Bps (Nov. +75Bps; Dec. +50Bps) through the end of the year. Wall Street opened Gap Up and consistently moved in the Green Zone, with the Nasdaq leading strengthening or appreciating up to 3.3%. Tech stocks and growth stocks rose as yields on UST10Y moved away from the 4% level or fell more than -30bps to 3.63%. In addition to JOLTS Jobs Openings AS Aug. only 10 Million (Vs. Jul. 11.2 Million); RBA Cash Rate Target Oct. surprised the market with an increase of only +25Bps to 2.60% (Vs. Sept. 2.35%), from the market’s forecast of a +50Bps increase. The Reserve Bank of Australia is the first central bank to admit that now is the time for looser monetary policy, after the aggressive Hawkish in 2022.
Investors are watching the JCI psychological level at 7,100. In addition to the absence of the October FOMC Meeting, which has the opportunity to make JCI determine the direction of its own movement; investors also expect 4Q22 as a period of stock market recovery, after experiencing pressure last September. Market participants are also starting to anticipate the Earning Results of the Big Four Banks and a number of Consumers at the end of October. In the midst of a number of sentiments, NHKSI Research projects that the JCI will move bullish today with a range of Support levels: 7,010 / 7,000-6,995 / 6,960 / 6,945 / 6,930 and Resistance: 7,100-7,130 / 7,170 / 7,200- 7,225.
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