Nasdaq Composite: Hard blow for values ​​linked to renewable energies

(News Bulletin 247) – The time has already come for a rebound on the Nasdaq Composite index, which yesterday lost 1.24% to 14,980, thus breaking the symbolic threshold of 15,000 points, with Senator Joe Manchin’s final no. to his vote on the law to finance the BBB plan, the cornerstone of Joe Biden’s mandate.

Recall of facts: a single Senator, (Democratic camp, West Virginia) Joe Manchin, blocks the vote on the BBB (Build Back Better) plan, a plan of more than 1,700 billion dollars which includes major social and environmental aid and investments. It is “following this announcement” that “Goldman Sachs has 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 Q3 “, noted Vincent Boy.

This no is “definitive”, announced Joe Manchin on television, it thus blocks the vote by itself, the Democrats not reaching the majority for this one. Indeed, 50 seats out of 100 are currently occupied by Republicans in the Senate. Counting the voice of Kamala Harris (Vice President of the United States and Speaker of the Senate), Democrats have 50 votes …

Joe Manchin’s firm NO to Joe Biden BBB reform plan is an extremely important political setback. First of all it was indeed a strong campaign pledge from the current president. Democrats are divided on whether to use public funds in the face of abysmal US debt. Finally, it could also question the Fed’s monetary decisions in the face of declining growth, a resurgence of Covid cases and a potential stabilization of inflation “, summarizes John Plassard (Mirabaud).

On the index that interests us here, emblematic renewable energy projects were heavily penalized yesterday, like Plug Power (-8.13% to $ 27.33), Sunrun (-8.15% to $ 31.44), First Solar (-7.94% to $ 85.76), Renewable Energy Group (-5.75% to $ 41.70), Beam Global (-8.03% to $ 20.03).

We also mention BLINK Charging (-5.85% to $ 26.56), SolarEdge Technologies (-10.56% to $ 258.36), Canadian Solar (-5.27% to $ 30.18), SunPower Corp ( -7.37% to $ 19.86), or even Clearway Energy (-2.96% to $ 34.15).

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”. He certainly gave in yesterday, but without closing on the low points of the session. A rapid reinstatement would rhyme with a false exit.

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 14445.00 points.

DAILY DATA CHART

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