(News Bulletin 247) – The paradox is spectacular. While the market remains stuck, nervously, waiting for concrete progress on the raising of the debt ceiling, the Nasdaq Composite, the flagship index of technology stocks on the American side, is an exception, being expected in sharp rise, with NVidia, and its ripple effect on a good part of the rating.

The chipmaker, initially a specialist in so-called graphics cards for the video game market, is taking advantage of a tidal wave of demand for semiconductors for programs using artificial intelligence. Hence the outlook that excited the market during the publication of its staggered quarterly financial year, yesterday after the market.

The opportunity to ask how much value can have a ripple effect even beyond the semiconductor sector alone. A word on the graphic and technical configuration of the case, impeccably supported by its 20-day moving average, in volumes that do not weaken. The opening looks stratospherically higher.

On the macroeconomic side, Q1 GDP, in preliminary data, came out at +1.3% from one quarter to the next, beating expectations confined to +1.1%. In addition, weekly registrations for unemployment benefits came out for the past week at 229,000 new units.

KEY GRAPHIC ELEMENTS

The Nasdaq Composite index is expected to rise on the back of NVidia’s ripple effect. The short-term work matrix remains that between 12,270 points (support) and 12,770 points (annual highs), ie a work band of 500 points.

FORECAST

Considering the key chart factors 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 12270.00 points.

The News Bulletin 247 board

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

CHART IN DAILY DATA

Graphic made from the software Prorealtime

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