Persistent inflation has reinforced expectations of further Federal Reserve tightening. On November 10, Fed Governor Christopher Waller said a 50-basis-point December hike should be considered if October core inflation came in around 0.3% month on month or higher. The reading came in at 0.3%, above the 0.2% consensus forecast.
Cisco reported fiscal first-quarter revenue of $18.50 billion and adjusted earnings of $1.40 per share, above estimates of $18.11 billion and $1.32, respectively, as reported by Investing.com. Applied Materials reported fiscal fourth-quarter revenue of $10.41 billion and adjusted EPS of $4.16, beating FactSet estimates of $10.30 billion and $4.06, according to Investor’s Business Daily.
US Treasury yields rose across maturities between November 6 and November 12. The one-year yield climbed from 4.33% to 4.65%, the 10-year from 4.86% to 5.10%, the 20-year from 5.29% to 5.48%, and the 30-year from 5.26% to 5.43%, according to the US Treasury.
Thursday’s gainers included Advanced Micro Devices (+5.86%), Broadcom (+5.54%), Constellation Energy (+2.79%), Alphabet Class A (+1.79%), and Tesla (+1.69%).
The biggest decliners were Nebius Group (−16.84%), Keurig Dr Pepper (−7.40%), Moderna (−6.97%), CoreWeave (−6.86%), and Strategy (−6.49%).
Support and resistance levels
On the daily chart, the index is moving toward the upper boundary of a descending channel spanning 26500.0 to 28500.0. The 28500.0 area also featured in our previous Nasdaq-100 outlook.
Technical indicators still lean bearish. The Alligator’s faster moving averages remain below the slower ones, while the Awesome Oscillator (AO) histogram is moving toward zero, suggesting that selling momentum is easing.
Support levels are 27800.0 and 26500.0.
Resistance levels are 28600.0 and 29600.0.
Trading scenarios and Nasdaq-100 forecast
A sustained break above 28600.0 could trigger the long setup, with a target at 29600.0 and a stop-loss at 28000.0. The expected time horizon is seven days or longer.
A sustained break below 27800.0 could trigger the short setup, with a target at 26500.0 and a stop-loss at 28400.0.
Scenario
| Time frame | Weekly |
| Recommendation | BUY STOP |
| Entry point | 28600.0 |
| Take Profit | 29600.0 |
| Stop Loss | 28000.0 |
| Key levels | 26500.0, 27800.0, 28600.0, 29600.0 |
Alternative scenario
| Recommendation | SELL STOP |
| Entry point | 27800.0 |
| Take Profit | 26500.0 |
| Stop Loss | 28400.0 |
| Key levels | 26500.0, 27800.0, 28600.0, 29600.0 |
