A contraction in GDP and interest rate hike has proven positive for the NASDAQ-100, however, resistance is still above.

Technicals

The nasdaq-100 has moved higher in recent trading sessions as GDP in the USA has contracted along with interest rate hikes from the fed, investors seem to be taking the approach that inflation will be peaking and when it does, the strain on businesses will not be as intense, thus increasing margins, earnings and revenues. From a technical point, while the Nasdaq-100 is in a strong position, the long-term downside resistance at 13,000 – 13,100 region still remains in place. A decline from its current levels towards 12,250-12,350 could provide a good buying opportunity, as higher lows are currently being formed. A triangle pattern is emerging which usually means either a decent upside or downside move. RSI currently reads 67 so a decline could be good providing fair value.