(News Bulletin 247) – For the last session of a good year, the Nasdaq Composite index symbolically contracted 0.61% to 15,644 points, in extremely discreet volumes. The latter, which measures the level of participation in operations, have also continued to contract since December 17. In the end, over the past year as a whole, the flagship index of technology stocks on the American stock market rose by 21.39%, continuing its upward extension after the exceptional 2020 vintage (+ 43.64%). The leniency of the Fed, which delayed as much as possible the entry into the monetary normalization phase, will have participated in the craze for so-called growth stocks, whose valuation levels are admittedly high, but which have continued to attract for lack of competetion. And across the Atlantic, these Growth stocks are largely concentrated within the tech universe, which the index that interests us here covers.
To be followed at 3:45 p.m. the IHS PMI manufacturing index and at 4:00 p.m. construction spending. The calendar will be rich for the rest of the week with in particular, from tomorrow the ISM industrial PMI. To follow many benchmarks on employment (new JOLTS offers, registrations for unemployment benefits, seeking ADP), but especially the federal report NFP Friday, for the entire month of December. The consensus suggests an almost doubling of job creation in the private sector (excluding agriculture) and a contraction of the unemployment rate to 4.1% of the working population.
KEY GRAPHIC ELEMENTS
Regarding the substantive technical framework, at this stage unchanged:
Since October 28 and the registration of new historic highs after those of September 07, the flagship index of technological stocks of the American stock market has systematically closed on the high points of the session, in strong volumes, which contracted only very little . The buying side, fully mobilized, does not ask any questions.
A court terme:
The flagship index of technological stocks on the American stock market has just achieved a fairly clear double support on its 100-day moving average (in orange), which more than ever constitutes a technical and graphic “justice of the peace”.
PREVISION
In view of the key graphical factors that 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 quotes above the support at 15000.00 points.
DAILY DATA CHART
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Source: Tradingsat
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