ANALYSIS
NQ100 Finds Support from PPIApr 14
The Weight on NQ100 is Preserved
Despite the inflationary environment, hawkish messages came from important members of the US Federal Reserve (FED) yesterday. Chicago FED President Charles Evans underlined that the target interest rate may be needed to rise slightly above 4.50% early next year and stay there for a while. In addition, the effects of the nonfarm payrolls (NFP) data announced by the US Department of Labor continue on the markets. As it will be remembered, the NFP increased by 263 thousand people above the market expectations, increasing the possibility of the FED sticking to its aggressive tightening path. From this point of view, if the technology index, which maintains its descending channel appearance on the second trading day of the week, can fall permanently behind 10 750 points, it can continue its decline until 10 600 support, which will be the lowest level since July 2020. In upward attempts, 11 045 and then 11 185 resistances may be in question.
