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Nasdaq 100 Correction within the Global Expanding Formation

2/22/2023 1:10 PM

Against market expectations regarding continuing the "hawkish" course of the US Federal Reserve, one of the leading US indices, Nasdaq 100, is demonstrating corrective dynamics, trading at 12096.0. Experts estimate the probability of a 25.0 basis point increase in the interest rate at the March meeting of the regulator at 76% and a 50.0 basis point increase at 24%, which practically guarantees the continuation of the monetary policy tightening cycle.

Yesterday, the leaders of the retail sector published its financial reports: Walmart Inc. surpassed analysts' expectations at 159.77B dollars and recorded revenue of 164.0B dollars, while The Home Depot Inc. disappointed investors, as the corporation's income amounted to only 35.8B dollars, although analysts had expected 35.96B dollars. Key to the stock index today is data from Nvidia Corp., the US video-processor giant, which, according to preliminary forecasts, could reach 6.01B dollars in revenue, up from 5.93B dollars previously, and could reach 0.8105 dollars EPS, up from 0.5800 dollars in the previous quarter.

The growth leaders in the index are Copart Inc. (+0.94%), AstraZeneca Plc. (+0.90%), PayPal Holdings Inc. (+0.78%), and Electronic Arts Inc. (+0.02%).

Among the decline leaders are Inc. (–11.03%), PDD Holdings (–9.54%), Lucid Group Inc. (–9.42%), and GlobalFoundries Inc. (–6.03%).

On the daily chart, the trading instrument is correcting within the global Expanding formation pattern, declining towards the support line.

Technical indicators are weakening the buy signal: fast EMAs on the Alligator indicator have begun to approach the signal line actively, and the AO histogram is forming downward bars, falling in the buying zone.

Resistance levels: 12400.0, 12900.0. | Support levels: 11800.0, 11200.0.

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