(News Bulletin 247) – Important day for global indices since tonight the American Central Bank will announce its monetary policy decision at 7:00 p.m. and then hold a speech at 7:30 p.m. Traders expect the Fed to announce a 25 basis point rate hike tonight at this point. If the Fed were to not announce a rate hike, the market could worry that the Fed would be concerned about the financial environment following the setbacks of American banks.

On the microeconomic level, we can follow Boiron, which published its results last night. The group published a turnover for the year 2022 up 17.4% over one year to 534.23 million euros.

More generally, this afternoon we will follow the first exchanges around Nike, which presented lower quarterly results. GameStop announced its first quarterly profit in two years. The group posted a profit of $48.2 million in the fourth quarter, beating analysts’ forecasts for a net loss. Evergrande is back in the spotlight with expected announcements regarding a restructuring of its offshore debt.

KEY GRAPHIC ELEMENTS

The French index returns to a level of resistance, that of 7200 points with the crossing point of the 20 and 50 period moving averages which at this stage prevent buyers from continuing their rebound. We will monitor the declines towards 7000 points and in particular yesterday’s bullish gap which remained open to look for intraday purchases.

FORECAST

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 a crossing of 7168.00 points would revive the tension in the purchase. While a break of 7000.00 points would relaunch the selling pressure.

The News Bulletin 247 board

CAC 40
Neutral
Resistance(s):
7168.00 / 7225.00 / 7326.00
Medium(s):
7000.00 / 6844.00 / 6740.00

Hourly data chart

Graphic made from the software Prorealtime

Chart in daily data

CAC 40: Neutral before the Fed (©ProRealTime.com)
Graphic made from the software Prorealtime



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