ANALYSIS
NQ100 Finds Support from PPIApr 14
50 WMA is Monitored in NQ100
Expectations that the US Federal Reserve (FED) will apply another 75 basis points jumbo interest rate hike at its monetary policy meeting on Wednesday weigh on the NQ100 index. However, PCE Deflator, which is the inflation indicator closely monitored by the FED, confirmed that the peak was left behind with 6.2% level in September. This gives more substantial support to the index, creating hopes that the FED will slow down in monetary tightening after November. Technically speaking, the recovery momentum in the technology index is likely to be maintained as long as it remains above the 11 300 level indicated by the 50-period exponential moving average. In the technology index, if the 11 600 level can be exceeded, the 11 760 resistance, which will be the highest in about 1.5 months, can enter our radar. In a possible transition below the 11 300 level, there may be a regression to 11 165 support.
