(News Bulletin 247) – After an amplified progression, from 1.36% to 12,059 points yesterday, the Nasdaq Composite is expected on a hesitant note at the opening this Friday, with the approach of the publication of indicators barometers of activity ( PMI) to gauge more and more finely the probabilities of the United States entering recession. In the immediate future, Tesla (+9.78% to $815.12) and Netflix (+3.44% to $223.88, after a jump of 7.35% the day before) supported the rating.
For Netflix, investors clearly appreciate the strategy of a fourth offer – the cheapest, with advertising in return – and the willingness displayed by the streaming company to fight against the sharing of identifiers, an obvious source of loss of value, after a Q1 marked by a net loss of more than a million subscribers and a halt in recruitment.
For Tesla, the company has just sold quarters of its cryptocurrency holdings, in this case in bitcoin.
To be continued Twitter whose Q2 results came out below target.
In the statistical chapter on Thursday, the targets were missed, by little it is true for the weekly registrations for unemployment benefits, but in very significant proportions concerning the manufacturing index of the Philadelphia Fed, which stumbles to -12.3 this month . To be followed at 3:45 p.m. the services and manufacturing PMIs.
On the monetary policy side, after the start of normalization by the ECB digested without any effort on the other side of the Atlantic, it will soon be the turn of the Fed to continue its monetary shift, which for its part has already begun. For next week’s FOMC, “a stock below 75 basis points would be […] probably seen as too dovish,” for Christian Scherrmann, US economist at DWS. insufficient and will not be enough to control inflation. The Fed should shift to a restrictive policy as soon as possible or as long as healthy labor market conditions permit. We therefore expect Fed Chairman Jerome Powell to stay the course with his “strongly committed” speech, further guiding markets towards even higher policy rates.”
KEY GRAPHIC ELEMENTS
The technical board backdrop remains bright red.
The flagship index of technology stocks of the American dimension is still in a downward phase, tracing a chartist pattern with an oblique neck line, within a corridor with a bearish bias. The pattern remains heavily bearish within the channel. The next highly psychological threshold is at 10,000 points.
The short recovery since June 21 is ending in an upward acceleration, which should warn against the risks of a bull trap.
Neutral advice for the time being, on the scale of the session to come.
FORECAST
In view of the key chart factors that we have identified, our opinion is neutral on the Nasdaq Composite index in the short term.
We will take care to note that a crossing of 12140.00 points would revive the tension in the purchase. While a break of 11460.00 points would relaunch the selling pressure.
CHART IN DAILY DATA
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