Daily Analysis NAS100 - 23 Feb 2023

Latest News: The stock market had a mixed ending as investors reviewed the minutes from the recent Federal Reserve meeting yesterday. These investors were trying to determine the extent of future rate hikes. The minutes showed that most Fed policymakers wanted to slow down the pace of interest rate hikes to observe incoming economic data. However, they all agreed that there was a need to raise rates. This meeting took place before January's impressive payroll report, as well as robust retail sales and inflation numbers that remained consistent. Market analysts are expecting at least two more Fed rate increases this spring, with a possible third one in June. On Thursday, investors can look forward to another economic report, which is the reading of the gross domestic product for the fourth quarter. The report is expected to show a 2.9% increase over the third quarter, although this is a slowing from the prior quarter's 3.2% growth.

Technical Analysis: Based on the technical analysis, the Nasdaq100 index has displayed a bullish trend over the last two days. The 8 and 21-day exponential moving averages could be identified as resistance levels. The initial resistance level is noted at 12.230, while the support level can be monitored at yesterday's low of 12.010.

Support: 12.010 – 11.900 – 11.690        Resistance: 12.230 – 12.420 – 12.700