Daily Analysis NAS100 - 01 Feb 2023

The major Wall Street stock indexes closed higher on Tuesday, wrapping up a strong month of gains after a tumultuous 2022. The belief that the recent interest rate hike cycle may be ending has encouraged a shift back to stocks, particularly in growth-oriented market segments. The Federal Reserve is widely predicted to increase interest rates by 25 basis points later in the day, marking a reduction from the series of significant interest rate hikes experienced throughout the previous year. The announcement is expected to be released at 19:00 GMT.

Technically, Yesterday, the Nasdaq100 index increased, fueled by the 8-day moving average and its upward trend. The index is close to reaching its 200-day moving average and may encounter resistance in this area. The outcome of the Federal Reserve's interest rate decision and dovish comments from Powell could provide further support for the index. If not, the 11.800 support level could be challenged.

Support: 11.800 – 11.670 – 11.450

Resistance: 12.250 – 12.450 – 12.700