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Nasdaq 100: the US Stock Market is Correcting Down Again

11/30/2022 1:43 PM

One of the leading US indices Nasdaq 100 is showing corrective dynamics, being at the level of 11523.0.

At the beginning of the week, the US market traded with low volatility, but the situation began to change after a number of officials from the regional Federal Reserve Banks (FRB) spoke about the current monetary policy. Thus, the Chair of the St. Louis Fed, James Bullard, noted that the US Federal Reserve needs to keep the interest rate above 5.0% throughout the next year, and possibly even several quarters of 2024, in order to have a significant impact on inflation. This opinion was shared by the Chair of the Fed of New York, John Williams, who noted that the regulator will continue the policy of aggressively increasing the indicator and will keep it at a high level throughout the next year.

Publication of reports of large companies this week is not expected, so the attention of investors was attracted by data on the Business Confidence index from the Conference Board, which reflected the decline in the index for the third month in a row: in November, it corrected to 100.2 points from 102.2 points a month earlier.

The bond market again began to exert pressure on the index quotes. The popular 10-year Treasuries are trading at 3.729%, up from the 3.661% hit late last week, while the conservative 20-year ones are trading at 4.007%, up from 3.956% on Monday.

The growth leaders in the index are Inc. (+6.69%), Pinduoduo Inc. (+5.91%), Baidu Inc. (+5.28%), NetEase Inc. (+2.72%).

Among the leaders of the decline are Illuminia Inc. (-3.84%), Atlassian Corporation Plc. (-3.51%), MercadoLibre Inc. (-3.48%), Seagen Inc. (-3.18%).

On the daily chart, the index quotes continue to trade within the local rising channel.

Technical indicators are about to reverse and give a sell signal: fast EMAs on the Alligator indicator begin to actively approach the signal line, and the AO oscillator histogram forms new downward bars, while being above the transition level.

Support levels: 11330.0, 10665.0. | Resistance levels: 11900.0, 12553.0.

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