(News Bulletin 247) – The Nasdaq Composite index (-0.81% to 11,360 points yesterday) is expected at levels close to balance, in a market somewhat reassured by the good momentum of housing starts and building permits. build, just published. Markets which will remain attentive following the ball of quarterly reports by the major groups, half fig half grape for the moment on the side of the big banking groups, and the attitude of the big central banks on both sides of the Atlantic, who must return their copy before the holidays.
On the microeconomics side, “American banks opened the second quarter 2022 results season with mixed publications”, judge César Perez Ruiz, Head of Investments and CIO at Pictet Wealth Management. “Despite relatively good trading results, investment banks disappointed. A growing number of US companies are also preparing to cut hiring. by suspending repurchase operations. Other sectors will soon be affected, as pressures on margins increase”, slice M Ruiz.
On the monetary policy side, for the ECB it will be Thursday, with a doubt, according to information from Reuters on the possibility of a 50 basis point increase in key rates, while the option of 25 held the rope. On the US side, after the latest inflation figures inflated the odds of a 100bp tightening, Board members came to the rescue. On Thursday, two eminent members of the American Federal Reserve, including the president of the Saint-Louis branch, James Bullard, one of the most fervent defenders of an aggressive monetary policy, indeed campaigned for a 0.75 point increase in percentage of the policy rate.
As a reminder, food and energy included, prices jumped by 9.1% at an annualized rate across the Atlantic.
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.
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 10560.00 points would relaunch the selling pressure.
CHART IN DAILY DATA
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