Daily Analysis NAS100 - 02 Feb 2023

Following a two-day meeting, the highly anticipated interest rate decision by the US central bank was announced, with the Fed slowing down the increase of interest rates as expected, implementing a 25-basis point increase. He mentioned that if the economy performs as anticipated, there will be no need to decrease interest rates this year. He added that they believe further interest rate hikes will be necessary until inflation reaches the target, but there is still much evidence needed to confirm a declining trend in inflation. Powell acknowledged that the disinflationary process has started, but it is too early to consider it a success. Moreover, the Nasdaq100 index was pushed higher due to Meta's announcement of a $40 billion stock buyback program and positive earnings results that exceeded expectations.

Technically, the Nasdaq100 index made a clear upward breakout. The Nasdaq index is currently showing positive movement and there are two levels of resistance at 12.650 and 12.900. If the index rises above 12.650, it may face further resistance at 12.900. On the other hand, if the index falls, it may find support at 12.450.

Support: 12.450 – 12.250 – 11.900

Resistance: 12.650 – 12.900 – 13.150