Wed, Feb 01, 2023 @ 05:10 GMT
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NAS 100 Breaks Major Support

The Nasdaq 100 plunged as global central banks’ hawkishness rattled investors. The choppy price action was due to multiple catalysts this week and layers of resistance from last September’s sell-off. The most recent rally reversed its course at 12200, a support-turned-resistance from mid-September. A breach of the lower end (11500) of the consolidation confirmed a lack of buying interest and might cause a test of the origin of a previous bullish breakout at 11150. As the RSI goes oversold, 11800 is a fresh hurdle in case of a bounce.

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