The risk appetite in the markets increased last week after the US Senate agreed to increase the debt limit by $ 480 billion and announced that the debt ceiling deadline was extended to December 3. Thus, the purchase demand for the indices and the attacks of the Nasdaq side towards the 15 thousand level drew attention. However, after the September non-farm payroll report in the US came in below expectations, the expectation for the Fed to reduce its bond buying program weakened somewhat. While non-farm employment remained well below expectations with 194 thousand people, average hourly earnings increased by 0.6 percent, exceeding forecasts. The unemployment rate in the country, on the other hand, decreased by 4.8 percent compared to the previous month. After all these developments, despite the weakening of expectations for the Fed, we saw that the downward trend on the Nasdaq side gained momentum.
While the ISM manufacturing and services PMI figures, which were above the expectations throughout the week in the USA, were remarkable, the biggest decrease in the last month was experienced in the weekly unemployment benefit applications. Following these positive developments, the fact that the US 10-year bond yields reached a remarkable level of 1.56 percent led to an increase in the selling pressure on the indices. It can be said that rising inflation concerns, especially after the 7-year rise in oil prices, increased the downward momentum in the Nasdaq index.
In the light of all this information, if the index passes the 14,700 support downwards, it can be expected to accelerate its declines within the framework of the 14,500 and 14,315 support levels. However, in case of a possible return from 14.700 level, it can be expected that the rises will target the 15.075 resistance if the pricing above 14,875 level in the index persists. Above this level, we continue to follow the 15.185 and 15.300 resistance levels gradually.