(News Bulletin 247) – The Nasdaq Composite index will have finally digested with disconcerting ease the end of the quarterly ball, with all relative disappointments – the consensus is greedy – of Apple and and of Amazon, as well as the latest figures on inflation, which clearly helped boost the odds of a first round of your monetary policy by direct action on rates, as early as July. On Friday, the flagship index of technology stocks on the US rating gained 1% to 15,860 points, returning not far from its all-recent all-time highs of 16,053 points.
In the statistical chapter Friday, target exceeded for new job offers (JOLTS) in September, while the consumer confidence index (U-Mich) in preliminary data for the current month, fell to 66.8, against 71.7 in October. The week ahead will be plentiful in this regard with among other celebrations retail sales tomorrow, and the Philly Fed on Thursday. But above all, as of Monday, the NY Fed’s manufacturing index (Empire State index) beat expectations by jumping to 30.9, against 19.8 last month.
The operators will also be particularly attentive to ‘the meeting between the Chinese president and his American counterpart Joe Biden “, for Vincent Boy. The latter must meet, virtually, Tuesday morning and should address many subjects. The Chinese president could in particular insist on the case of Taiwan, supported by the United States while China maintains its discourse of control over the archipelago.
KEY GRAPHIC ELEMENTS
Regarding the substantive technical framework, unchanged:
Since October 28 and the registration of new historic highs after those of September 07, the flagship index of technology stocks of the American stock market has systematically closed on the high points of the session, in strong volumes, which contracted only very little . The buying side, fully mobilized, does not raise any questions.
A court terme:
The entry into a phase of digestion, the structure of which will be instructive for the future, should be considered. We are still in the process of defining the framework, and the amplitude, of future consolidation.
Positive opinion on the scale of the upcoming session.
PREVISION
In view of the key graphical factors that 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 15420.00 points.
DAILY DATA CHART
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Source: Tradingsat
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