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First of all, note that, due to our transition, in our turn, to summer time, Wall Street will open again, as usual, at 3:30 p.m. (Paris time). The traditional statistical appointments of the beginning of the afternoon therefore return to 2:30 p.m. and not 1:30 p.m., as was the case during this two-week interval.

Return (temporarily?) to calm on the Nasdaq Composite index at the turn of the week, an index which closed very slightly up 0.31% at 11,823 points, and which should continue to nibble a few points at the opening this Monday, in the sense of the dynamics of future. And this with the support of reassuring messages from the American authorities, throughout the weekend, on the health and solidity of the banking system.

“The Treasury, the Fed and the political powers, want to be reassuring about the current banking crisis, but the data from the American Federal Reserve show strong tensions on the system” notes Vincent BOY, market analyst IG France. “Indeed, after a year of balance sheet reduction by the Fed, leading to a fall of 650 billion, the balance sheet increased again by nearly 400 billion in just two weeks. At this rate, the QT (quantitative tightening) started in March 2022, will be completely erased at the beginning of April.

If on the statistical side, this beginning of the week is rather poor, it will not be the same for the next four sessions, with, among other festivities, consumer confidence (Conference Board), final Q4 GDP data, March PCE prices , the Chicago PMI, …

KEY GRAPHIC ELEMENTS

Above a pivot chart zone at 11,450 / 11,500 points, the Nasdaq Composite, the flagship index of technology stocks on the American side, remains in a perilous situation, after the formation of an inverted hammer candle (without a shooting star ) on 03/22, but doubled from the session of a harami tone on tone of the worst effect.

FORECAST

Considering the key chart factors we have mentioned, our opinion is negative on the Nasdaq Composite index in the short term.

This bearish scenario is valid as long as the Nasdaq Composite index is trading below the resistance at 11960.00 points.

The News Bulletin 247 board

Nasdaq Composite
Negative
Resistance(s):
–
Medium(s):
–

CHART IN DAILY DATA

Graphic made from the software Prorealtime



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