ANALYSIS
NQ100 Finds Support from PPIApr 14
NQ100 Targets Psychological 11,000 Level
We observed some pullback in the stock markets as the volatility in the cryptocurrency market lowered the investor risk appetite. However, with the effects of moderate decreases in the dollar, it is possible to say that the NQ100 index is still resistant. Here, we see that after the unemployment rate in the USA rose to 3.7% in October from the lowest level of the last 50 years, it is the basic scenario to evaluate that a softer interest rate hike by 50 basis points can be made by the FED at the last meeting of the year. On the other hand, the consumer price index (CPI) data to be announced in the USA today will be closely followed in terms of the pricing of the technology index. Technically, we can observe a climb up to 11 125 if the psychological 11 000 level can be permanently exceeded in the technology index, which signals a retracement with the completion of the wedge formation. In possible retreats, 10 700 support can be followed.
