(News Bulletin 247) – The lack of reaction from Treasuries 10 years since the publication of US inflation figures for January, yesterday, will have enabled the stocks most sensitive to the monetary issue, growth technologies, to benefit from the relief of operators. The Nasdaq Composite index will even have managed to grab 0.57% to 11,960 points where the broader and generalist index of the S&P500 ended on a flat note.

At an annualized rate, and for the largest basket of products, consumer prices increased by 6.4%, slightly slowing compared to December, while expectations were more “optimistic” (+6.2% ). Operators are gradually digesting the prospect of maintaining a firm monetary policy throughout 2023. Excluding food and energy, prices rose monthly by 0.4%, within the target.

Upcoming indicators, in particular the activity indicators next week, will be scrutinized in an attempt to refine the forecasts for the shape of the yield curve, and the estimate of the Fed Funds terminal rate.

In addition, the geopolitical risk still hovers, without however weighing at this stage. “As Russia prepares to cut its oil production from next month in response to new Western sanctions, the risk of a geopolitical recession is gaining ground”, analyzes César Perez Ruiz, Head of Investments and CIO at Pictet Wealth Management.

“This risk is further heightened by the fact that the Americans have shot down Chinese ‘spy balloons’ in recent days and that President Biden issued a stern warning to Beijing in his State of the Union Address. Also note that China has increased its gold reserves in recent months, reflecting a desire to reduce its dependence on the dollar.

To follow the retail sales and the Empire State manufacturing index at 2:30 p.m., as well as the monthly federal report on industry at 3:15 p.m.

KEY GRAPHIC ELEMENTS

The new technical working band, between 11,450 and 12,260 points, is fully validated. A phase of lateralization opens, between these two terminals, where the contradictory signals, side candles, multiply.

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 12260.00 points would revive the tension in the purchase. While a break of 11450.00 points would relaunch the selling pressure.

The News Bulletin 247 board

Nasdaq Composite
Neutral
Resistance(s):
–
Medium(s):
–

CHART IN DAILY DATA

Graphic made from the software Prorealtime



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