Daily Analysis NAS100 - 08 Mar 2023

Latest News: Despite expectations of a slowdown, the US labor market continues to show remarkable resilience. Federal Reserve Bank of Richmond President, Thomas Barkin, described it as "unbelievably resilient." The private sector is showing strong growth, with payrolls increasing by 242.000 in the month through mid-February, according to a survey by payrolls processor ADP released on Wednesday. This figure exceeded expectations by 20%, with 40.000 more jobs added than predicted. This rate of growth is more than double that seen in January, which was revised upwards from initial estimates to 119.000.

Technical Analysis: Following Powell's testimony yesterday, the Nasdaq100 index has once again turned its trend downward. The index is currently exhibiting high volatility around the 21-day moving average, indicating a period of consolidation. Further upward momentum may be impeded by a resistance level of 12,350, while a support level of 12,120 could help mitigate any potential downward retracements.

Support: 12.120 – 12.100 – 11.900        Resistance: 12.350 – 12.425 – 12.750