(News Bulletin 247) – If the rise in bond yields should more favor banks, and therefore mechanically the Dow Jones, the Nasdaq Composite, rich in technological growth stocks, should also, but in smaller proportions, remain in the green this Tuesday. The reassuring data on Omicron, whose dangerousness turns out for the moment to be inversely proportional to its contagiousness, are likely to appease the trading rooms. Yesterday the Nasdaq Composite index started the year very well, with an increase of 1.20% to 15,832 points, in volumes, unsurprisingly up.
To be kept on the agenda this Tuesday as a priority, across the Atlantic, the ISM * manufacturing PMI activity indicator and new job offers (JOLTS) at 4:00 p.m.
ISM = Institute for Supply Management. ISM data is traditionally more followed across the Atlantic than IHS Markit data. If the methodology differs, the philosophy is the same: it is a question of constructing a leading indicator of the health of the industry, from data collected from purchasing directors or supply chain managers. representative companies. Same principle of reading for both: a score above 50 points means an expansion of the sector considered, a score below a contraction.
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. An oblique straight line (drawn in black) perfectly symbolizes the basic appetite of buyers, as well as their long-term mobilization.
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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