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Nasdaq 100 Market Update

11/11/2022 1:25 PM

The US leading technology companies index, Nasdaq 100, has made another attempt to change the global trend and is now rising, being at October highs at 11735.0.

Quotations were supported by data on inflation in the US. According to the report, the growth rate of consumer prices fell to 7.7% in October from 8.2% in the previous month, while analysts expected the rate to slow down to only 8.0%. The data may help boost tech stocks as they give hope that the US Federal Reserve will reconsider its policy of aggressively raising interest rates.

In addition, stock indices are supported by the situation on the bond market. The corrective downtrend is intensifying, with popular 10-year bonds trading at 3.811%, well below the 4.201% recorded last week, while conservative 20-year government bonds are declining even faster: their current yield fell to 4.236% from 4.562%, shown last Thursday. The situation is similar with short-term securities, where the yield on annual bonds is 4.6055%, which is inferior to last week's high at 4.854%.

The growth leaders in the index are Marvell Technology Group Inc. (+16.18%), Atlassian Corp. Plc. (+15.18%), ASML ADR (+14.57%), Autodesk Inc. (+14.57%).

Among the leaders of the decline are Seagen Inc. (-5.00%), Regeneron Pharmaceuticals Inc. (-0.25%), Gilead Inc. (-0.34%), Kraft Heinz Co. (-0.01%).

On the daily chart of the asset, the index quotes are traded within a narrow sideways channel, trying to overcome the resistance line.

Technical indicators are ready to reverse and issue a new buy signal: fast EMAs on the Alligator indicator are approaching the signal line, and the AO oscillator histogram is forming new upward bars, approaching the transition level.

Support levels: 11500.0, 10800.0. | Resistance levels: 11800.0, 12580.0.

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