CAC 40: Beginning of the year on very firm levels

(News Bulletin 247) – The CAC index will have ended its auspicious year 2021 with a symbolic daily contraction (-0.28% to 7,153 points), not far from its absolute highs recorded during the session on Wednesday, December 29 (7,201 points). Volumes were starved on Friday, due on the one hand to the absence of many operators on leave, and on the other hand to the shortened nature of the session: the fixing took place at 2:05 pm.

Files Value were wanted on Friday, like Valeo (+ 1.53% to 26.58 euros), Faurecia (+ 1.58% to 41.83 euros), Imérys (+ 2.53% to 36.54 euros) , or Altarea (+ 2.20% to 167.60 euros).

If the health crisis is not yet behind us, and even far from it since the number of contaminations has reached new records in recent days in France, fears related to the Omicron variant are fading while the number of hospitalizations is increasing proportionally. much slower. Reassured about the dangerousness of this new strain, operators are approaching 2022 with optimism.

On the other side of the Atlantic, the main equity indices contracted slightly on Friday, with technology suffering the most sustained profit-taking. In the end, the Dow Jones contracted 0.16% to 36,338 points, and the Nasdaq Composite lost 0.61% to 15,644 points. The S&P 500, the benchmark barometer of risk appetite in the eyes of fund managers, lost 0.26% to 4,766 points.

An update on other risky asset classes: around 8 a.m. this morning on the foreign exchange market, the single currency was trading at a level close to 1,1340$. A barrel of WTI, one of the barometers of risk appetite in financial markets, was trading around 75,60$.

To be continued on the agenda this Monday, the final manufacturing PMI data for the Euro Zone at 10:00 a.m. and for the United States at 3:45 p.m. Construction expenses across the Atlantic will be revealed at 4:00 p.m.

KEY GRAPHIC ELEMENTS

The CAC index is now in the upper part (in extremum) of its very broad consolidation phase, which takes place between 6,650 and 7,200 points. The underlying trend remains strongly bullish and as long as no reversal pattern is validated, this trend will remain the preferred working basis. In the immediate future, caution is required. Only a clear overshoot, in powerful volumes and sustained volatility, of 7200 points would signal the start of an additional bullish wave.

PREVISION

In view of the key graphic factors that we have identified, our opinion is neutral on the CAC 40 index in the short term.

We will take care to note that crossing the 7200.00 points would rekindle the purchase tension. While a break of 6650.00 points would revive the selling pressure.

Hourly data graph

Daily data graph

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