(News Bulletin 247) – The Nasdaq Composite, the flagship index of technology stocks on the American side, which includes a number of growth stocks, and therefore particularly sensitive to the monetary issue, fell on Thursday, in the wake of a battery of statistical publications macroeconomic figures calling for a continuation of a firm monetary policy on the part of the Fed.

The producer price indices for the month of January in the United States, well above expectations (+0.7%), just like the weekly registrations for unemployment benefits, below 200,000 new units, have a new times showed, as leading inflation indicators, the strains on the economic machine. A new reminder for the Fed that maintaining a firm monetary policy throughout 2023 will be essential.

This decline in prices will not, for the time being, turn into a correction, with the support of Treasuries 10 years.

In the background, geopolitical issues, although without hot news to highlight, remain a major unknown in the equation for the coming months. “In financial markets, the joy of the absence of a recession could soon give way to concern about the pace of recovery. And in all of this, the war is still casually ignored. Most market participants are likely to assume that the war will remain confined to the territory of Ukraine. However, the positive surprise of a viable prospect of peace is likely to stimulate the markets less than an extension of the war would frighten them. coldly analyzes Martin Moryson, Chief Economist Europe at DWS

On the statistical side this Friday, the program is quite poor. We should mention the very slight contraction in import prices for the month of January. Note that Wall Street will remain closed on Monday due to a holiday (Commemoration of the birth of George Washington)

KEY GRAPHIC ELEMENTS

Consolidation within the framework of a new range continues, between 11,450 points (support, ex-resistance), and 12,260 points (top of the amplitude of the framework defined from January 27 to February 02).

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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