ANALYSIS
NQ100 Finds Support from PPIApr 14
NQ100 May Sustain the Recoveries
Before Jerome Powell, the chairman of the US Federal Reserve (FED), speaks at the Jackson Hole meeting, hawkish remarks from some FED officials about high inflation rates dominate the NQ100 index. On the other hand, the Chinese State Council announced a new stimulus package worth $146 billion the day before we left, and the technology index is still being supported by the improvement in risk appetite. Technically, if the index rises above the 13 250 level on a sustained basis after completing the descending wedge and moving toward the correct path, it may challenge the 13 380 resistance, which is marked by the Fibonacci 61.8% correction line. On the downside, there may be support for 12 970 followed by 12 820.
