Daily Analysis NAS100 (31 Jan 2023)
Nasdaq 100 futures are down by nearly 1% ahead of market opening, due to the climbing dollar index (DXY) and the Fed's upcoming rate decision. The Fed is predicted to raise the fund’s rate to 4.50-4.75% tomorrow. This has already been priced into the market. Any unexpected rate change could result in significant market fluctuations. Additionally, the market is anticipating a more aggressive stance from Powell in his speech after the interest rate announcement.
Technically, The Nasdaq100 index had turned down with a rejection from the 200-day moving average and is down around 2% yesterday. The index, which is also declining today, is looking for support around the 8-day moving average. 11.800 level stands out as support. 12.250 is the resistance level.
Support: 11.800 – 11.670 – 11.450
Resistance: 12.250 – 12.450 – 12.700