Nasdaq Composite: Moderate salary increases and explosion of job creations in January

(News Bulletin 247) – J. Powell insisted heavily on Wednesday at the end of the first FOMC of the year: the tensions on employment remain worrying. And this essential barometer to monitor in inflationary periods, rhythm, by its appointments, the calendar of operators (JOLTS, registrations for unemployment benefits, NFP). It is the latter, the NFP (for Non Farm Payrolls), which has just been published. This is the monthly federal report for the month of January, in the private sector. And it is clear that the figures, except for the dynamics of wages, deviate considerably from expectations.

However, the moderation in wage increases is welcomed with relief.

In detail, the private sector would have created nearly 520,000 jobs in the first month of the year, against 260,000 in December, and the unemployment rate, expected to rise very slightly to 3.6%, came out down. to 3.4% of the working population. Enough to prove J Powell right, in his warning this week. In the process, index futures augur an opening in the bright red of the Nasdaq Composite, yet carried yesterday by Alphabet (+7.28%), Amazon (+7.38%), and MetaPlatforms (+23.28% ) whose quarterly copies have won over the financial community.

KEY GRAPHIC ELEMENTS

The main observation remains that of the overrun of 11,450, the upper limit of a former wide range, whose support value is now validated in our view. But the looming bearish gap open portends a volatile breathing phase, which could potentially translate graphically into a pullbackin a handful of sessions, on the level mentioned.

FORECAST

Considering the key chart factors 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 is trading below the resistance at 12260.00 points.

CHART IN DAILY DATA

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