ANALYSIS
NQ100 Finds Support from PPIApr 14
Descending trend continues in NASDAQ
Following the FOMC meeting, Chair Powell indicated that a 75-bps rate hike is not likely, leading to purchases in NQ100. However, the FOMC’s 50-bps rate hike, which is the strongest tightening of the last 22 years, has led to high momentum in US 10Y treasuries and it is limiting the earnings in the index. Technically, unless 13 600 is broken upwards, bearish momentum will continue and we will follow 13 300 and 13 120 supports closely. On the other side, 13 765 will be our resistance level above 13 600.
