NAS100 short-term analysis – 02 December 2022
The NAS100 remains positioned in its bullish channel, between the upper blue and red bands. The market responded positively to Fed Chair Powell's Brooking Institution delivery and a long blue candle was charted two days ago (green vertical rectangle).
Since then, the NAS100 hourly has drifted sideways (blue horizontal rectangle). A small pattern within a longer-term uptrend has a bullish continuation bias. To this end, the EMAs and stochastic have turned up (black ellipses). If the EMAs develop angle and separation and the stochastic works towards the 80+ region, an underlying bullish momentum will be present.
Yesterday's moderation in core PCE will be positive for the growth index if it reflects in Fed policy. To this end, the NFP print at 1:30pm GMT today will be significant. However, please be cautious, as volatility will increase on its release.
Russell Shor
Senior Market Strategist
Russell Shor is a Senior Market Strategist at FXCM, having been promoted to the role in 2025 in recognition of his depth of insight and consistent delivery of high-impact market analysis. He originally joined FXCM in October 2017 as a Senior Market Specialist.
Russell holds an Honours Degree in Economics from the University of South Africa, is a certified FMVA®, and a full member of the Society of Technical Analysts (UK). With over 20 years of experience in financial markets, his work is renowned for its clarity, precision, and strategic value across asset classes.
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