(News Bulletin 247) – The future on the index suggest the indecision of operators in the run-up to a much-awaited speech by J. Powell, Chairman of the Fed, (6:00 p.m., Paris time), on the occasion of an event organized by the Economic Club of Washington, DC The boss of the powerful financial institution knows he is eagerly awaited after a somewhat lukewarm FOMC at the heart of last week.
Since then, the NFP report, the federal monthly report on private employment, has been there. expectations), and the surprise drop in the unemployment rate (3.4%), which warns of chronic and growing tensions on the job market.
“This week is starting calmly, as fewer events and data will be published, but investors will be very attentive to Jerome Powell’s comments on Tuesday,” commented Vincent Boy (IG France). “FOMC member Bostic suggested yesterday that the Fed may reverse 50bp hikes, after raising the rate just 25bp last week.”
Enough to keep the pressure on 10-year bond yields (Treasuries 10 yrs), up in the immediate vicinity of 3.65%, and mechanically on the files Growthgrowth technologies, of which the index which interests us here abounds.
KEY GRAPHIC ELEMENTS
We did not witness an island of reversal on Friday (reverse island), due to the high traced shadow. What accredit the scenario of a volatile consolidation rather than a reversal. The idea of a pullback on the 11,450 points remains entirely credible.
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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