Tech Giants and NASDAQ overview
As inflation data gets more important these days, one of the most important inflation numbers that we have to watch always is the House Price index. Inflation is important, however, Producer and Housing inflation are more important, because they will stay and affect the markets for the longer term.
Yesterday, the US October S&P/CS 20 major city housing price index in October, increased by 18.41% annually, less than 19.1% of the previous month, which is the third consecutive month of slowdown, but it is still growing faster than the previous peak of the real estate bubble. On the monthly scale, increasing-price printed 0.8 %, dame as last month. On the other hand, the monthly rate of the FHFA house price index in October was 1.1%, higher than market expectations and 0.9% of the previous month; however, the annual rate was 17.4%, which is less than the 17.7% of a year ago. Overall, the housing price growth lowered a bit to confirm the FED outlook about decreasing inflation with faster economic growth. Today we are waiting for US home sales numbers. With the Slowing price raise and current rates, more sales are not far than expectations. After US housing data, the US Richmond Fed Manufacturing Index rose by 16.0 in December, while last month's number also revised up to 12.0 (previously 11.0).
With these published data, "Santa Claus Rally" (the last five trading days of each year and the first two trading days of the new year), continuing its rally. Last night, the S&P 500 Index recorded the 69th record closing high of the year. In the last hours, on the other hand, the market eased a bit and it was because of weakness that we saw in the tech giants. Apple, Tesla, Microsoft, AMD and NVDA, all eased by 0.5% up to 2%.
Since the tech giants eased a bit yesterday, we can see a bit of weakness in the ND100 chart. However, despite yesterday's ease, it is still moving in the bullish area. RSI at all main charts moving above 55 with increasing or flat OBV trend line. EMA crossing strategy also still supports the bulls. 20 and 50 EMA lines at H4 charts at 16,430 AND 16,100 are the main support levels. Technically we are still in a clear uptrend and for now, we do not have any signal to confirm deeper levels.
