Tisco Securities expected SET Index to move within the support and resistance level after a huge gain yesterday in hopes that the newly elected U.S. president will have a positive impact on the emerging market.
However, the development of the coronavirus outbreak remained a major problem as the infection rate and death toll spiked. Meanwhile, concerns over political gathering on November 8, 2020, could weigh the market down.
Tisco expected SET’s support level in today’s session at 1,255-1,260 points and a resistance level at 1,275-1,280 points.
Last night, the U.S. Federal Reserve maintained short-term interest rates at 0% to 0.25%, and maintained a policy to buy government bonds following quantitative easing (QE) at least USD120bn per month. The Fed o commented that it will not raise interest rates until they are employed to the fullest potential and inflation rises 2% above the target level.