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The CAC 40 index (-0.14% to 7,538 points) continued its healthy consolidation movement in the immediate vicinity of its annual peaks, at the dawn of a new quarterly ball. Main publication (the day before after the market), L’Oréal supported the luxury rating, allowing the index to close close to equilibrium. The company, whose share price gained 1.72%, published growth nearly twice as high as expected for the first quarter (13% like-for-like), thanks to the good performance of Europe and the North America. In its wake, Kering gained 0.72%, LVMH 1.63% and Hermès 1.63%.

In terms of statistics, operators had to deal with a collapse of the Philadelphia Fed’s manufacturing index, to -31.3. Additional proof of the consequences of a very firm monetary policy on economic activity. Moreover, the weekly claims for unemployment benefits, published simultaneously, did not deviate sufficiently from the consensus to militate for an easing of tensions on employment, with the approach next month of an FOMC which promises to be decisive for the steps.

To be complete on the values ​​front, Renault plunged by 7.97%, after the confirmation of a policy of brutal price cuts from Tesla.

On the other side of the Atlantic, the main equity indices ended in the red, like the Dow Jones (-0.33% to 33,786 points) or the Nasdaq Composite (-0.80% to 12,059 dots). The S&P 500, the benchmark barometer of risk appetite in the eyes of fund managers, fell 0.60% to 4,129 points.

A point on the other risky asset classes: around 08:00 this morning on the foreign exchange market, the single currency was trading at a level close to $1.0960. The barrel of WTI, one of the barometers of risk appetite in the financial markets, was trading around $77.20.

To follow as a priority on the macroeconomic agenda this Friday, a long-awaited battery of activity indicators (PMI), for services like industry, in preliminary data for the current month. Synthetic data for the Euro Zone will be released at 10:00 am. Find the consensus here.

KEY GRAPHIC ELEMENTS

After a “crazy” week, marked by the plotting of a long white weekly candle, of which a good part of the body is made up of successive historical highs, it is time for the consolidation of the advance, even if the bullish message The bottom line remains intact, as shown by the reconquest of the 50-day moving average (in orange) by its 20-day counterpart (in dark blue). Just like the pursuit gaps visible in the hourly chart. In the immediate future, a continuation of a healthy flat consolidation phase is envisaged.

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 7740.00 points would revive the tension in the purchase. While a break of 7234.00 points would relaunch the selling pressure.

The News Bulletin 247 board

CAC 40
Neutral
Resistance(s):
7740.00
Medium(s):
7234.00 / 7015.00 / 6885.00

Hourly data chart

Graphic made from the software Prorealtime

Chart in daily data

CAC 40: A battery of activity indicators on the menu (©ProRealTime.com)
Graphic made from the software Prorealtime



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