CAC 40: Consolidation of gains during the quarterly ball

(News Bulletin 247) – Weighted by Societe Generale (-5.03% to 26.615 euros), the CAC 40 will have finished in the red on Wednesday’s session, on the low points of the session, without threatening its 20-day moving average. (in dark blue). The red and black bank is posting solid profits for 2022, despite the impact on its accounts of its withdrawal from Russia. The year 2023 will be a year of “transition” for Societe Generale, which expects a drop in its income and “disappoints” its shareholders on the dividend side.

Conversely, BNP-Paribas gained 2.42% to 63.85 euros, after the publication of its annual copy. Crédit Agricole continues this ball this morning, beating the expectations of a market that is greedy to say the least.

In terms of statistics, after the publication the day before of a record deficit in the French trade balance, INSEE published a stability of wages for the fourth quarter of 2022 in the private sector.

On the other side of the Atlantic, the main equity indices ended in red territory, more or less bright, like the Dow Jones (-0.61% to 33,949 points), or the Nasdaq Composite ( -1.68% to 11,910 points). The S&P 500, the benchmark barometer of risk appetite in the eyes of fund managers, fell 1.11% to 4,117 points.

A point on the other risky asset classes: around 08:00 this morning on the foreign exchange market, the single currency was trading at a level close to $1.0730. The barrel of WTI, one of the barometers of risk appetite in the financial markets, was trading around $78.60.

To follow as a priority on the macroeconomic agenda this Thursday, the weekly registrations for unemployment benefits in the United States at 2:30 p.m., a new measure of the tensions on the job market across the Atlantic, which remains watched like milk on the fire. by the Fed because of its impact on wage growth.

KEY GRAPHIC ELEMENTS

Despite the alert that sounded yesterday, the index “holds” for the time being, above the symbolic 7,000 points, which serves as a basis for intermediate technical support. Above this symbolic threshold, a consolidation can take place without jeopardizing the short-term bullish bias. Below, another serious safeguard is that of the 50-day moving average (in orange), bullish since the beginning of November 2022.

FORECAST

In view of the key graphic factors that we have identified, our opinion is neutral on the CAC 40 index in the short term.

We will take care to note that a crossing of 7422.00 points would revive the tension in the purchase. While a break of 7000.00 points would relaunch the selling pressure.

Hourly data chart

Chart in daily data

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