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The Nasdaq Composite index (+0.84% ​​to 13,705 points), in timid volumes on Monday, continued to ride the announcements of stimulus measures in China. These measures aim to revive the economy, in particular a halving of the “stamp duty”, a tax on stock market transactions, going from 0.1% to 0.05%. “Investors are reacting positively to China’s announced measures to reduce trading taxes and fees, as well as a new request for investment funds and banks, from the party, to buy the market, in order to support the stock market indices”, abounds Vincent Boy, market analyst for IG France.

Index futures suggest, at this stage at least, an opening slightly in the red, close to equilibrium, pending the publication, half an hour after the start of trading, of the consumer confidence (Conference Board). A high-impact indicator in the event of deviation from the consensus, given the importance of domestic consumption, structurally, in the creation of wealth across the Atlantic. This indicator, like others this week (PCE price, NFP employment report, etc.) will help refine the landing angle of the US economy, an essential working basis for the Fed in the construction of its policy. money for the next few months.

On the occasion of the Jackson Hole symposium, Jerome Powell did not change his speech or reserve any big surprises during his speech. The chairman of the Federal Reserve (Fed) US estimated that although it has passed its peak, inflation in the United States “remains too high”. However, hopes of a rate cut by the end of the year have clearly been dashed. “We stand ready to raise rates further if necessary, and we intend to keep our policy restrictive until we are confident that inflation is sustainably approaching our target,” the banker continued. central, assuring that the Fed maintained its objective of 2% inflation.

In terms of values, it should be noted that the Vietnamese group Vinfast, designer and manufacturer of electric vehicles, now weighs more on the stock market than all the other car manufacturers with the exception of Tesla and Toyota. This while the company has never generated the slightest profit in its young history. All the details here.

KEY GRAPHIC ELEMENTS

The underlying trend, powerfully bullish, is naturally not called into question at this stage by the technical and graphic tools. However, the commitment to a broad consolidation phase, more engaging than a simple correction, is a scenario whose credibility rests on the formation of a characteristic double top in July, and by the messages sent by the candles in the very construction of this double summit: marubozusencompassing, dojis. The candle in marubozu school black Thursday 08/24, coupled with a bearish engulfing combination broke the timid momentum of week 34. Neutral opinion on the scale of the only session to come, following the perfect doji traced on Monday 28/ 08.

FORECAST

In view of the key chart factors that we have identified, our opinion is neutral on the Nasdaq Composite index in the short term.

We will take care to note that a crossing of 14400.00 points would revive the tension in the purchase. While a break of 13240.00 points would relaunch the selling pressure.

The News Bulletin 247 board

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

CHART IN DAILY DATA

Graphic made from the software Prorealtime

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