(News Bulletin 247) – Helped by Netflix (+8.46%) and Alphabet-ex Google (+5.34%), the Nasdaq Composite will have finished on the wheel hats (+2.66%) a week “to sensation”, where volatility will have dominated. The distribution and streaming video production giant pleasantly surprised by the publication of its quarterly recruitment of subscribers, while the second cynically reaped the profits on the stock market from its announcement of massive job cuts (12,000) , following in the footsteps of other tech behemoths (Meta, Microsoft and Amazon).
For the time being, the rather poor statistical calendar will become denser tomorrow, with in particular valuable activity indicators (the PMIs) as well as the Richmond Fed’s manufacturing index. To follow all the same this Monday at 4:00 p.m. the index of consumer confidence (Conference Board).
Despite mixed signals since the beginning of the year, “markets like to see the glass half full and seem increasingly satisfied with the slowdown in inflation and the prospect of seeing US monetary policy become less restrictive” observes Vincent Boy (IG France). “The Fed has in fact abandoned the 75bp hikes, after 4 successive ones and could even, according to the expectations of market players, increase by only 25bp at the FOMC on February 1st.”
KEY GRAPHIC ELEMENTS
In the immediate future, the flagship index of technology stocks on the American side, although in a downward trend, is evolving in a tidied up 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 near the 50-day moving average (in orange), the direction of which will be closely monitored. She is currently undecided. A continuation of the oscillations in the heart of tidied upnot without volatility, is expected.
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 11450.00 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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