(News Bulletin 247) – If the market psychology does not change – tormented, nervous and anxious – Wall Street should open on a slightly positive note, after a weekend made extended by a holiday (Labor Day). Operators remain particularly upset by the inflationary problem, which the content of the monthly employment report published on Friday did not help to calm down. However, the NFP (No Farm Payrolls) showed a slight lull in labor market tensions.
As a reminder, the unemployment rate rose slightly to +3.7% of the active population, which remains close to full employment, but augurs well for a larger labor pool. Hourly wages (+0.3%) are not slipping, even slowing their rate of increase, and job creations in the private sector (excluding agriculture) exceed expectations at 315,000 creations.
“Tensions in the U.S. labor market are showing early signs of easing, with the labor force up 0.5% from July – to the highest level since the indicator was introduced in 1948. “, notes César Perez Ruiz, Head of Investments and CIO at Pictet Wealth Management. But “the increase in the participation rate was probably welcomed by the Fed, but will not be enough to interrupt the cycle of monetary tightening.”
On the value side, NVIDIA lost more than 16% over the whole of the past week, in powerful volumes, after the ban by the American administration on exporting certain high-power computing chips to China.
To be followed as a priority on the statistical agenda this Tuesday, the American services PMI (ISM) at 4:00 p.m.
KEY GRAPHIC ELEMENTS
On marubozu black, in powerful volumes, the flagship index of technology stocks of the American dimension broke the neckline of a small figure in shoulder, head and shoulders, which signals the definitive end of the bullish leg started on June 17th. The index broke its 50-day moving average (in orange). The last time this technical event happened (08/04), the clearings accelerated: -23% until June 16, in significant volatility.
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 11990.00 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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