(News Bulletin 247) – Investors will have a sharp new opportunity, this Tuesday, to gauge the degree of heating of the American economy, with the publication at 4:00 p.m. of the consumer confidence index (Conference Board), expected to rise at 108.5. Enough to complete a series of recent statistics on employment, consumption and prices, campaigning, between them, for the maintenance of a firm monetary policy for many more months.

The strategists at DNCA Finance sum up their view of the market in the light of this inflation: “Swaps on FED rates are adjusting upwards: up to 5.3% expected in July, more than 60 basis points above the Bank’s effective rate Loretta Mester (Cleveland FED) openly supports a further 50 basis point hike The chances of a first FED rate cut at the end of the year are receding Schnabel (ECB) thinks that the markets are too complacent with inflation.”

Also to follow is the S&P Case Schiller index of real estate prices in around twenty representative cities at 3:00 p.m. and the Richmond Fed manufacturing index at 4:00 p.m.

KEY GRAPHIC ELEMENTS

Without strong reaction and confirmed by the volatility even during the session, the old range between 10,250 and 11,450 points is for the sessions to come the basis of predilection. The oscillator is in full navigation from a high limit to a low limit.

FORECAST

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

This bearish scenario is valid as long as the Nasdaq Composite index is trading below the resistance at 12260.00 points.

The News Bulletin 247 board

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

CHART IN DAILY DATA

Graphic made from the software Prorealtime



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