ANALYSIS
NQ100 Finds Support from PPIApr 14
USIndex has lost its recent gains following the weak payrolls data
Data released by the US Department of Labor's Bureau of Labor Statistics (BoLS) showed that non-farm payrolls increased by 210,000 in November, well below the expectations of 450 thousand, depreciating the dollar in the markets, which are already under pressure due to the expectations that Fed will not hurry in increasing interest rates due to the Omicron variant. As a result, the index started to decline by using the 50-period simple moving average as the resistance level. If it breaks 95.80 support, 95.55 and 95.30, which is marked by Fionacci 50.0 retracement line, will be on our radar. Upward movements, on the other side, are not likely to be effective, unless 96.40 resistance is exceeded.
