Daily Analysis NAS100 - 13 Feb 2023

Latest News: The Nasdaq 100 futures increased on Monday as traders were looking forward to the release of the latest inflation data in the coming days. The top companies that heavily weigh on the index, such as Amazon.com, Alphabet (Google's parent company), Tesla, and Microsoft, experienced gains ranging from 0.5% to 1.5% during pre-market trading. Despite the tight labor market causing concerns for both the market and the Federal Reserve, with the latter reiterating last week that interest rates will continue to rise, additional signs of declining prices could revive expectations for a policy change.

Technical Analysis: The Nasdaq 100 index underwent a change in trend after encountering resistance at the 12.900 level. The index dipped below the 8-day moving average, but it is currently attempting to regain this level. It is noteworthy that the index remains above the upward trendline. Potential support may be found at 12.125, but resistance may be encountered at 12.400.

Support: 12.125 – 12.030 – 11.600

Resistance: 12.400 – 12.750 – 12.900