(News Bulletin 247) – Little change expected on Wall Street after the publication of the figures on US inflation, in the absence of deviation from the consensus. The consumer price index, for the broadest product base, came out perfectly on target, at +6.5% on an annual basis. What bring a certain relief without blowing the cork of the bottle of champagne.
The confirmation is that of a marked slowdown in the rise in prices on the other side of the Atlantic, even if the road to a landing in inflation will still be long. The fight, through a firm monetary policy, will clearly have to continue. But this statistic validates the rise of the stocks most exposed to the rise in government bond yields, namely those that “pay” the most expensively, in particular growth technology stocks, including the index that interests us here. abounds. The market crosses the data with the equally marked deceleration in the pace of increase in average hourly wages in the private sector, published on Friday in the December NFP, to find a source of satisfaction there.
KEY GRAPHIC ELEMENTS
In the immediate future, the flagship index of technology stocks on the American side, although in a fundamental downward trend, is evolving in a range whose limits are well defined, between 10,250 and 11,450 points. Navigations from one to the other of its terminals, for the next few weeks, are expected, before the affirmation of a directional. The high wick of the candle built on Monday January 10 attests to this. Resistance forces are gradually settling below the 50-day moving average (in orange), the direction of which will be closely monitored.
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 10960.00 points would revive the tension in the purchase. While a break of 10250.00 points would relaunch the selling pressure.
CHART IN DAILY DATA
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