(News Bulletin 247) – At this stage, the lack of reaction from Treasuries 10 years in the face of a series of statistical publications showing an overheating of the American economic machine, causes a feeling of relief allowing the index which interests us here, particularly sensitive to the monetary question, to outperform. The Nasdaq Composite index ended Wednesday’s session up 0.92% at 12,070 points, where the S&P, which is more general in its sector composition, only managed to gain 0.28%.

Yesterday, in terms of statistics, the dynamics of retail sales (+3.0% monthly) and the manufacturing index of the New York Fed (Empire State Index), up very sharply although still in negative territory (-5.8), clearly exceeded expectations across the Atlantic. The Federal Reserve’s New York branch detailed: “New orders fell slightly, while shipments were flat. Delivery times shortened and inventories rose slightly. Employment levels fell for the first time since the start of the pandemic, and the average work week has shortened for a third consecutive month Rises in input prices and selling prices have accelerated Looking ahead, companies expect expect trading conditions to improve somewhat over the next six months.”

To be followed as a priority on the macroeconomic agenda this Thursday, a dense program at 2:30 p.m. (Paris time), with the following American figures: the producer price index, the Philly Fed manufacturing index, weekly allowance registrations unemployment, and housing starts and building permits. Either new leading inflation indicators, which the Fed will not fail to analyze rigorously.

KEY GRAPHIC ELEMENTS

The flagship index of technology stocks of the American dimension has just completed the drawing of a particularly predictive combination of candles in “three advancing soldiers”. These are three consecutive green candles, with significant bodies and discreet shadows, with each time an opening below the closing level of the previous day, and a closing above the closing level of the previous day. Enough to accredit the scenario of a short-term visit to the annual highs around 12,260 points.

FORECAST

Considering the key chart factors we have mentioned, our opinion is positive on the Nasdaq Composite index in the short term.

This bullish scenario is valid as long as the Nasdaq Composite index is trading above the support at 11450.00 points.

The News Bulletin 247 board

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

CHART IN DAILY DATA

Graphic made from the software Prorealtime



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