NAS100 Cautious at Key Tech Levels Ahead of Critical Inflation Update
NAS100 Analysis
Tech giant Apple released disappointing results and its stock slumped on Friday, weighing on NAS100, which posted one of its worst weeks of the year. The jobs report did not help since it did reveal some signs of cooling, but unemployment dropped and wages remained elevated.
Global monetary policy has entered an intricate phase, with major central adopting a non-committal and data driven stance. Chair Powell had not offered any forward guidance in the last press conference, touting data dependence. As such, every economic release matters and Thursday's CPI inflation update can determine trajectory of the index.
Markets are cautious ahead of the event, given the uncertain policy outlook and NAS100 is on the back foot today. It continues to test the EMA200, which makes it vulnerable to the upper border of the daily Ichimoku Cloud (around 14,950), but deeper correction to the lower border does not look easy.
On the other hand, bulls are in control as long as they defend the EMA2000 and the road to new 2023 highs (15,946) remains open, but the all-time highs are still distant.
Nikos Tzabouras
Senior Financial Editorial Writer
Nikos Tzabouras is a graduate of the Department of International & European Economic Studies at the Athens University of Economics and Business. He has a long time presence at FXCM, as he joined the company in 2011. He has served from multiple positions, but specializes in financial market analysis and commentary.
With his educational background in international relations, he emphasizes not only on Technical Analysis but also in Fundamental Analysis and Geopolitics – which have been having increasing impact on financial markets. He has longtime experience in market analysis and as a host of educational trading courses via online and in-person sessions and conferences.
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