(News Bulletin 247) – While the tone rather hawkish Minutes of the Fed, published yesterday, caused a warming of government bond yields to 10 years, the Nasdaq Composite, whose density in growth values is important, yielded 1.25% to 12,938 points. However, the option of an increase of 50 bps (instead of the widely anticipated 75) for the September deadline, however, has not been formally ruled out. New elements of language making it possible to invalidate or affirm this proposition will be scrutinized during the Jacskon Hole symposium, the traditional annual high mass of the planet’s great fundraisers, which is held in an idyllic valley in Wyoming.
Investors are also in the analysis of the challenges of the new Climate law signed by Joe Biden, and which is passing the final stages of its legislative journey. It is “the most significant federal climate action legislation in U.S. history,” in the sense of Jennifer Boscardin-Ching, Client Portfolio Manager at Pictet Asset Management, who details a package of “369 billion dollars for energy and climate programs over the next ten years.”
“Expanding renewable energy tax credits will continue to support the large-scale growth of the renewable energy sector in the United States, encouraging the acceleration of the transition to renewable energy” while “large emitters of greenhouse gases will be penalized through a levy on excessive methane emissions from oil and gas facilities that exceed a certain threshold. This will increase the competitiveness of the renewable energy industry against fossil fuels.”
Active files in the renewable energy sector, which can be found within the Composite, have done well in recent weeks, such as Plug Power, SunRun, Beam Global, First Solar, or Canadian Solar. .
On the macroeconomic side, the retail sales figures, a dial still closely watched in the trading rooms in the land of consumer queen, were published yesterday. If for the month of July, sales have in their broadest sense stagnated, they have, excluding automobiles, largely exceeded expectations at +0.4% on a monthly basis, according to the publication of the Census Bureau. This Thursday, it is the turn of the weekly registrations for unemployment benefits, and the manufacturing index Philly Fed to lead the session. These two indicators come out above expectations.
KEY GRAPHIC ELEMENTS
At this stage of the rise in prices, since June 17, a breathing phase is envisaged until against the 20-day moving average (in dark blue), whose crossing with its 50-day counterpart (in orange), in a significant angle, released short-term upside potential. In the immediate future, the doji traced on Tuesday 16th invites you to momentarily slow down. Neutral opinion offered immediately on the flagship index of technology stocks on the American side.
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 13838.00 points would revive the tension in the purchase. While a break of 12140.00 points would relaunch the selling pressure.
CHART IN DAILY DATA
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