Daily Analysis NAS100 (30 Jan 2023)

Before the U.S. stock market opened on Monday, stock futures dropped as investors prepared for a busy week of important events, including the Federal Reserve meeting, numerous major company earnings reports, and job statistics. The yield on the 10-year U.S. Treasury bond rose to 3.57% on Monday. Meanwhile, the dollar index slightly decreased by 0.08% to 101.85. On Friday, the stock market ended on a positive note due to data showing better-than-predicted economic growth in the U.S., and Tesla's shares rose over 10% after announcing a record quarterly revenue.

Technically, Today, the Nasdaq100 index began the week by falling below its 200-day moving average. Meanwhile, the double bottom resistance level of 12.000, which was previously broken, is now acting as a support level. If the index remains above 12.100 (200-day moving average), the upward trend could persist. Furthermore, it's important to monitor support at 11.800, and in the event of a further decline, 11.670 could also be a level of concern.

Support: 11.800 – 11.670 – 11.450

Resistance: 12.250 – 12.450 – 12.700