ANALYSIS
NQ100 Finds Support from PPIApr 14
NQ100 On Downward Path
Yesterday, the US Department of Commerce data showed that the gross domestic product (GDP) grew by 2.6% in the third quarter, pointing to the exit from the recession, which led to the support of the technology index. However, by the last trading day of the week, we see that the NQ100 index has given back its recoveries, while the possibility that the US Federal Reserve (FED) will raise interest rates by another 75 basis points at its meeting next week is almost certain. Technically, if the technology index, which left the channel formation behind and made a downward turn, can go down to 10 920 level permanently, it can continue its declines until the support of 10 780. In possible upward movements, 11 200 followed by 11 345 resistances may be in question.
