ANALYSIS
NQ100 Finds Support from PPIApr 14
NQ100: The Index Limited Its Recovery
The NQ100 index, which recovered somewhat with optimism that normalization will begin from June 1 in Shanghai, was limited in its recovery by the statement of Christopher Waller, a member of the Federal Reserve (FED), that the key interest rate should be above the neutral level at the end of the year to reduce demand. In addition, the slowdown in the rate of contraction of the manufacturing purchasing managers' index (PMI) in China at 49.6 points in May also has a detrimental effect on the technology index. Technically, the index, indicating the continuation of the trend with the preparation of a rising wedge formation, can permanently leave behind the 12 500 level and fall back to the 12 320 support. In the possible upward attempts of the index, the 12 800 and the psychological resistances of 13 000 can be observed.
