(News Bulletin 247) – Macroeconomics is back on the markets. First of all, investors will wait for the publication of the ZEW index this morning at 11:00 a.m., then at 1:30 p.m. Christine Lagarde will speak again. Yesterday, during her intervention, Christine Lagarde recalled that the banks of the euro zone were resistant and that their exposure to Credit Suisse was in the millions and not in the billions. Moreover, she believes that the current turmoil in financial markets can help the European Central Bank’s mission by dampening demand and inflation. This afternoon traders will be watching the release of existing home sales figures in the US ahead of a crucial day tomorrow as the US Central Bank announces its monetary policy decision.

The European banking sector is recovering after a blood red week last week. The index has preserved its moving average at 200 periods in daily data, a sign that operators are taking advantage of this decline to reposition themselves and are not capitulating. We will therefore closely monitor the behavior of the sector to ensure that the rebound can register over time on the French index.

KEY GRAPHIC ELEMENTS

Technically still bullish in the medium term, we will watch the declines towards 6800 points to build our buying position and aim for a return towards the daily moving averages: MM20 and MM50 in the coming days, around 7150 points.

FORECAST

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

This bullish scenario is valid as long as the CAC 40 index quotes above the support at 6740.00 points.

The News Bulletin 247 board

CAC 40
Positive
Resistance(s):
7000.00 / 7225.00 / 7422.00
Medium(s):
6740.00 / 6420.00 / 6100.80

Hourly data chart

Graphic made from the software Prorealtime

Chart in daily data

CAC 40: Buyers react (© ProRealTime.com)
Graphic made from the software Prorealtime



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