(News Bulletin 247) – The Nasdaq Composite index, the flagship index of technology stocks on the American quotation, began its week on Tuesday with a decline of 2.50% to 11,492 points, under the effect of the warming of the Treasuries 10 years, now in the immediate vicinity of 4%, as the statistics showing a strong resilience of the American economy multiplied in recent weeks.

As a reminder on Thursday, the producer price indices for the month of January in the United States, well above expectations (+0.7%), as are the weekly registrations for unemployment benefits, below 200,000 new units , have once again shown, 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.

Yesterday’s PMI surveys (of purchasing managers) both exceeded analysts’ expectations for US data, and even exceeded the 50 point mark for services.

“Proponents of the ‘persistent inflation’ scenario cited the strength of the labor market, easing financial conditions and the V-shaped rebound in Chinese economic growth. To support the thesis of the persistence of inflation, the other set of data to be released was the January Purchase Price Indices (PPIs), which together are considered a leading indicator of future consumer prices.” of the weekly market of Muzinich & Co.

To follow the publication, at 8:00 p.m. (Paris time), of the Minutes of the Fed. As a reminder, this is the report of the debates, chronologically (hence the name Minutes) of the last meeting of the Fed’s Monetary Policy Committee (FOMC). The opportunity to realize the content of the debates, the balance of power between hawkish (those who advocate an aggressive monetary policy), and dovish (conversely, those who want to pull less hard on the monetary cord).

KEY GRAPHIC ELEMENTS

The 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). A visit to the lower limit of this working strip is in progress. The opportunity to measure its status. In any case, the index ended yesterday exactly on its low points of session, on this threshold. Positive opinion issued today, on contrarian technical grounds.

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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