ANALYSIS
NQ100 Finds Support from PPIApr 14
NQ100:Pressure on the Index May Continue
Sales of technology shares are putting pressure on the NQ100 index after social media company Snap warned investors that the macroeconomic environment may not meet its revenue targets for the second quarter, citing a more than expected and rapid deterioration. In addition, in the minutes of the May 3-4 meeting, where the Federal Open Market Committee (FOMC) made the largest-scale rate hike since 2000 with an increase of 50 basis points, the expectation of messages that it could increase the monetary tightening momentum has a downward effect. Technically speaking, if it persists below the 12 000 level indicated by the 50-period weight moving average, a regression can be observed to 11 580 support, the lowest level since November 2020, after 11 700 support. In case of transitions over 50 WMA, 12 140 resistance can be followed.
