ANALYSIS
NQ100 Finds Support from PPIApr 14
NQ100:Index May Deepen The Losses
According to The Conference Board (CB), after consumer confidence fell to its lowest level in 16 months with 98.7 points, below market expectations, in June, decreases are experienced in technology companies. In addition, despite the recession concerns in the country, the tightening messages from the US Federal Reserve Board Members also have an impact. As a matter of fact, New York Fed President John Williams stated that he supports the 75 basis point rate hike in July and that it would be appropriate to increase the interest rates to 3.5-4 percent. Technically speaking, the losses are likely to continue until the 11 270 support, if the tech index, which is headed for losses by breaking the ascending minor channel, permanently sags behind the 11 450 level. 11 800 resistance will be critical for possible upward movements in the index.
