(News Bulletin 247) – We are there. The most important statistical publication, at least in the sense of the potential impact on the market, has just been published. These are inflation benchmarks in the sense of consumer price indices. In the broadest product base, prices increased more than expected in November (+ 0.8% on a monthly basis), against + 0.9% in September. In data corrected for volatile elements (food and energy), prices rose 0.5%, in line with expectations, according to the latest data from the US Bureau of Labor Statistics. Enough to feed the Fed’s thinking, without putting additional pressure, as the last FOMC of the year approaches, next week. Figures which seem in any case to reassure the financial community, which accommodates an inflation which however does not have any more transitory any more.
The flagship index of technology stocks in the US lost Thursday 1.71% to 15,517 points. It is expected to rise by nearly 1% at the opening given the dynamics of index futures.
Yesterday operators took note of weekly registrations for unemployment benefits, in contraction stronger than expected, to 184,000 new registrations according to the latest figures from the Department of Labor.
To follow the preliminary data of the consumer confidence index (U-Mich). An indicator that is particularly monitored, just like that of the Conference Board, in an economy where traditionally, most of the creation of wealth depends on domestic consumption.
KEY GRAPHIC ELEMENTS
Regarding the substantive technical framework, at this stage unchanged:
Since October 28 and the registration of new historic highs after those of September 07, the flagship index of technological stocks of the American stock market has systematically closed on the high points of the session, in strong volumes, which contracted only very little . The buying side, fully mobilized, does not ask any questions. Short term:
The entry into a digestion phase, the structure of which will be instructive for the future, should be considered. We are still in the process of defining the framework, and the amplitude, of future consolidation. A broader consolidation is looming. A first bearish acceleration within this consolidation was expressed, Tuesday, and Wednesday, in a larger amplitude but less strong volumes.
Positive opinion on the scale of the only session to come. The ability to “hold” the 15,000 points will be essential. This was the case at the turn of the week, in low shade. An obvious inability to make a bullish extension today would validate the idea of ​​continued volatility, with new monthly lows reaching.
The pace of the weekly candle that plays out this Friday will be decisive for the progress of the consolidation. While keeping in mind that volatility will remain relevant.
PREVISION
In view of the key graphical factors that we have mentioned, our opinion is positive on the Nasdaq Composite index in the short term.
This bullish scenario is valid as long as the Nasdaq Composite Index quotes above the support at 15000.00 points.
DAILY DATA CHART
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Source: Tradingsat
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