ANALYSIS
NQ100 Finds Support from PPIApr 14
DOW30 Declined After US CPI
Inflationary pressures are not easing at the expected level in the USA, which is in a leading position in global markets. According to the data from the US Department of Labor, the consumer price index (CPI) increased by 0.4% in September compared to the previous month and realized at the level of 8.2%, above the market expectations of 8.1% on an annual basis. During this period, the core CPI, at 0.6% monthly and 6.6% annually, indicated that price pressures were solid. Thus, while the possibility of a 75 basis point increase in interest rates at the meeting of the US Federal Reserve (FED) to be held in November increased, the dollar, strengthened by the effects of this, kept its pressure on the stock market. When examined technically, the DOW30 index, which is seen to strongly deepened its losses in the descending channel after the announced data, may decline to 28 185 support, which will be the lowest level since November 2020, if it falls below the 28 500 level permanently. In possible upward attempts, 29 085 and 29 400 resistances will be followed.
