(News Bulletin 247) – The Nasdaq Composite index will have experienced a week 50, to say the least, eventful and sporty, investors, particularly nervous, having failed to federate their initiatives after the Fed recorded its entry into the monetary normalization process , paving the way for three federal rate hikes in 2022, each by a quarter point. In the end, and despite a strong recovery on Wednesday, the flagship index of technology stocks in the US will have lost nearly 3% over the week as a whole, perilously clinging to its 20-week moving average.
Risk appetite is not expected to return in the short term, due to the proliferation of health restrictions to try to stem the spread of the Omicron variant and the prospect of a Senate rejection of Joe Biden’s stimulus plan. “Senator Manchin refused to validate the 2 trillion stimulus package, postponing negotiations until after the congressional recess period. Following this announcement, Goldman Sachs decided to reduce its growth prospects for 2022 in the United States to 2% against 3% for Q1, 3% against 3.5% for Q2 and 2.75% against 3% for the T3 “notes Vincent Boy (IG France).
On the statistical side this Monday, the index of leading indicators (Conference Board) at 4:00 p.m. The agenda won’t really get denser until Wednesday, with the Consumer Confidence Index (CB), sales of second-hand homes, final Q3 GDP data and crude stocks.
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 only contracted very little. . The buying side, fully mobilized, does not ask any questions.
A court terme:
The flagship index of technological stocks on the American stock market has just achieved a fairly clear double support on its 100-day moving average (in orange), which more than ever constitutes a technical and graphic “justice of the peace”. Justice of the peace who could give in on gap this Monday.
PREVISION
In view of the key graphical factors that we have mentioned, our opinion is negative on the Nasdaq Composite index in the short term.
This bearish scenario is valid as long as the Nasdaq Composite Index quotes below resistance at 15792.00 points.
DAILY DATA CHART
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Source: Tradingsat
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