Daily Analysis NAS100 - 02 Mar 2023

Latest News: On Thursday, the futures linked to the S&P 500 and Nasdaq went down due to the 10-year Treasury yield remaining above 4%, which led investors to predict a more extended period of tighter monetary policy. Additionally, Tesla's stock declined because the company did not provide much information about its eagerly awaited affordable electric car. As we entered March, the Wall Street indexes showed a shaky start after a disappointing performance in February. This was fueled by concerns about the US Federal Reserve's hawkish approach persisting longer, caused by recent indications of continued price pressures and comments from policymakers.

Technical Analysis: After conducting a technical analysis of Nasdaq100, it is evident that the index has undergone a bearish trend reversal from a previously bullish trend. The latest economic data and Federal Reserve statements seem to have influenced this shift. The chart displays a critical support level at 11.760, which has prevented a further decline in the index. Traders who are optimistic about a potential rebound may perceive this support level as an opportunity to buy. However, there exists a resistance level at 12.050, and a breakthrough could signal a return to a bullish trend. On the contrary, if the index fails to surpass the resistance level and continues the bearish trend, it may suggest a further decline in the near future.

Support: 11.760 – 11.690 – 11.480        Resistance: 11.960 – 12.050 – 12.325