Daily Analysis NAS100 (11 Jan 2023)

On Wednesday, U.S. stock market indices futures increased slightly, as attention shifted to the inflation report that is set to be released later in the week. This report will give insight into how assertive the Federal Reserve may be in its actions to raise interest rates during the current year. Additionally, the CME Group's FedWatch tool calculates the odds of the Federal Reserve raising interest rates by 0.25% on February 1st to be 79.2%. There are also predictions that there could be a potential rate cut at the Fed's September meeting.

Technically, The Nasdaq100 Technology Index successfully moved above (21-EMA) yesterday. Nasdaq100 increased consistency in its upward movement with consecutive positive daily bars. The 11.360 level stands out as a tough resistance (50-DMA). This resistance level is followed by 11.550 (100-DMA). On the downside, there is a 10.800 level that acts as a support many times. 10.670 region is seen as strong support. From here, it has turned its direction upwards 3 times.

Support: 10.800 – 10.670 – 10.420

Resistance: 11.360 – 11.550 – 11.770