Daily Analysis NAS100 (20 Jan 2023)

Nasdaq futures increased on Friday following a positive earnings report from Netflix, but concerns about a potential recession in the United States tempered overall sentiment. Netflix's stock saw a 5.7% increase in premarket trading as the company exceeded expectations for subscriber growth during the fourth quarter. The main stock market indexes on Wall Street finished the previous day's trading down, due to renewed fears that the Federal Reserve may continue to raise interest rates rapidly, which could potentially cause a recession. This concern was sparked by strong job market data.

Technically, the Nasdaq100 index has experienced a significant decline beneath its moving averages, which could be seen as a negative development for investors who are currently holding long positions. In the short term, it will be important to keep an eye on the resistance level at 11.690, as well as the subsequent resistance levels at 11.900 and 12.050. Additionally, the support level at 11.130 should be monitored, and in the event of further decline, the level of 10.800 could also be a point of concern.

Support: 11.130 – 10.800 – 10.600

Resistance: 11.690 – 11.900 – 12.050