(News Bulletin 247) – Microsoft (-0.59% to $240.61) will finally have greatly limited the damage yesterday, closing a good distance from its session lows. Session marked by the publication, the day before after the market, of a downward revision of its cloud computing services division, Azure. In the bright red pre-opening, in the red at the opening, the Nasdaq Composite will have finally closed in negative territory, but with a very limited variation (-0.18% to 11,313 points).
All eyes will be on Tesla on Thursday, which published record results yesterday after the market, despite supply difficulties in 2022. The automaker certainly disappointed expectations on its fourth quarter results in terms of margins, but Elon Musk’s comments to analysts seem to have pleased the market. According to comments reported by Bloomberg, the businessman indicated that the group’s forecast for production of 1.8 million vehicles in 2023 was “cautious” and that the manufacturer could very well be closer to 2 million, without major disruption. He also tried to send reassuring signals on demand, a reason for chronic concern in the market.
To follow as a priority on the macroeconomic agenda this Thursday, across the Atlantic, the first estimates of GDP in Q4, durable goods orders, weekly registrations for unemployment benefits, the trade balance of goods and inventories of wholesalers, at 2:30 p.m. A flurry of important events ahead of tomorrow’s release of PCE prices, the Fed’s preferred measure of inflation. Fed which will meet at the heart of next week its monetary policy committee.
KEY GRAPHIC ELEMENTS
We are now witnessing the major test of the upper limit of a wide range at 11,450 points. The observation at this stage of volumes, the combined pace of candles, volatility, and sectoral federation will be essential to characterize the test. A start of the session in the red is expected on Wednesday, corroborating the idea of an intermediate ceiling, the crossing of which is not in the news. The quasi bearish harami, with doji in the second candle, already gave the alert on Tuesday January 24 at the close.
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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