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The flagship index of the Paris Stock Exchange, the CAC 40, will have benefited from the support of Kering and Publicis, among other particularly well-oriented files. The first (+2.07%) continues to benefit from the reception by the market of the departure of the boss of Gucci, and from cascading changes in the staff of the nugget of the group. The second (+1.93%) excited the market thanks to impressive growth in the second quarter, representing more than double that of its competitor Omnicom, published the day before.
In terms of statistics, a look at the weekly registrations for unemployment benefits, at 228,000 new units, shows chronic tensions on the private employment front. While the Philly Fed came out below expectations, at -13.5.
To be complete on the values ​​side, note that files with a defensive reputation will have performed particularly well yesterday, like Engie (+2.01%), Orange (+2.02%) or Sanofi (+2.43%).
On the other side of the Atlantic, the main equity indices ended in mixed order, the Nasdaq Composite melting 2.05% to 14,063 points, under the effect of the icy reception of quarterly copies of Netflix (-8.41%) and Tesla (-9.74%). The electric vehicle automaker may have exceeded expectations in the second quarter, but management comments point to further declines. The video streaming giant for its part published a turnover which turned out to be lower than expected. The Dow Jones, still thanks to the bank managed to pull the chestnuts out of the fire, by grabbing 0.47% to 35,225 points. The S&P500, the benchmark barometer of risk appetite in the eyes of fund managers, fell 0.68% to 4,534 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 1.1140$. The barrel of WTI, one of the barometers of risk appetite in the financial markets, was trading around $75.60.
On the agenda this Friday, to follow in priority the publication, to be confirmed, of the updated economic forecasts, of the European Commission.
KEY GRAPHIC ELEMENTS
We are at the heart – that is to say in its broadest phase – of a diamond figure. As a reminder, this is a figure close to a rhombus. Graphically, the diamond looks like a more or less flattened diamond: at the start of the pattern’s formation, prices move inside a widening wedge, then, halfway through, they oscillate at inside a tapering triangle.
The intense volatility on Thursday 06/07 accredits this thesis, as does the rebound over the whole of the past week, at this stage. We are approaching a level close to the upper part of this diamond, with the formation of a significant upper wick on Thursday’s candle 07/13. More than ever, a contrarian attitude to any work on the index is key.
The exit direction of the diamond will be decisive. We are leaning towards a bottom exit. Volumes, volatility and above all a sectoral federation will fully confirm this. Either way, we can expect a volatile August.
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 7410.00 points would revive the tension in the purchase. While a break of 7084.00 points would relaunch the selling pressure.
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I have over 8 years of experience working in the news industry. I have worked as a reporter, editor, and now managing editor at 247 News Agency. I am responsible for the day-to-day operations of the news website and overseeing all of the content that is published. I also write a column for the website, covering mostly market news.
