(News Bulletin 247) – The Nasdaq Composite (+1.58% to 11,897 points yesterday) is expected to rise slightly on Thursday, the ECB’s “surprise” of a rate hike twice as large as previously announced satisfying a fringe investors on this side of the Atlantic, both for the fight against inflation and the protection of the most fragile countries in the Euro Zone.
The rebound (secondary) is part of a movement (primary) which remains bearish. “Investors must navigate between inflation at historic levels and the risk of recession,” notes Vincent Manuel, Chief Investment Officer, Indosuez Wealth Management. “This risk plays a central role, as the duration of market corrections correlates with the magnitude of the cyclical downturn. real yields are dragging down equity valuations, while volatility remains elevated, so the scale of the revaluation move in recent months does not prevent us from remaining cautious on fundamentals, waiting for more positive catalysts to signal a turnaround. of the market.”
In the statistical chapter this Thursday, the targets are 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 .
On the value side, Netflix jumped 7.35% to $216.44, investors having appreciated the strategy of a fourth offer – the cheapest, with advertising in return – and the streaming company’s stated desire to fight against data sharing. identifiers, an obvious source of loss of value, after a Q1 despite a net loss of more than one million subscribers and a halt in recruitment.
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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