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Nasdaq 100 Market Update

11/22/2022 1:57 PM

Quotes of the Nasdaq 100 index are correcting at around 11590.0.

The focus of investors' attention continues to be companies associated with Elon Musk, and now the negative background has shifted from Twitter Inc. to Tesla Inc. Thus, the manufacturer of electric cars announced that it was recalling a batch of 321.0K popular Model 3 and Model Y automobiles in the USA due to a defect in the taillights. This year, a similar situation is repeated for the 19th time due to imperfections of structures. Among the positive news, it is worth noting the dynamics of the shares of The Walt Disney Co., which have moved to active growth against the background of news about the return to the company of Bob Iger, who left the post of executive director in 2020.

The fall of the index is also hindered by the situation in the domestic US bond market. The corrective downward trend continues, and popular 10-year securities are trading at a rate of 3.823%, which is significantly lower than 4,201% in the first week of the month, and conservative 20-year US government bonds are declining a little faster, and their current yield is 4,127%, which is lower than 4,562% in early November. 

The growth leaders in the index are Ross Stores Inc. (+4.38%), Verisk Analytics Inc. (+3.69%), Walgreen Boots Alliance Inc. (+2.11%), American Electric Power (+2.05%).

Among the leaders of the decline are Lucid Group Inc. (-8.44%), Tesla Inc. (-6.84%), Inc. (-6.37%), Seagen Inc. (-6.28%).

On the daily chart, the index quotes continue to attempt to exit the local side channel.

Technical indicators have already reversed and issued a buy signal: fast EMAs on the alligator indicator are above the signal line, and the histogram of the AO oscillator forms new correction bars, trading above the transition level.          

Support levels: 11320.0, 10660.0. | Resistance levels: 11870.0, 12780.0.

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