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In session data yesterday, the CAC 40 reached 8,263 points, beating its previous record of 8,259 points, in a market which is gradually taking note of the cascading downgrades of France’s sovereign ratings by the most influential rating agencies, but which seems to appreciate the resumption of parliamentary debates on the budget. Be careful however, the 8,260 points formally constitute resistance, which would only become support in the event of a large, rapid crossing and in powerful volumes. The last three sessions of the week will therefore be essential on a technical level.
The CAC 40 was also able to benefit from hopes of an easing of tensions between Beijing and Washington.
On the values ​​side, Edenred soared 19.6% after delivering an acceleration in its growth in the third quarter and reassuring itself on several regulatory issues. Eurofins, for its part, finally limited its decline to 2.2% after publishing activity lower than expectations in the third quarter, due to the weakness of its “biopharma” division.
Excluding the CAC 40, OVH collapsed by 20.3%. The group revealed disappointing growth for the fourth quarter, formulated lower than expected objectives for the current financial year, and decided to merge the functions of president and general manager, appointing founder Octave Klaba CEO.
On the other side of the Atlantic, the main equity indices ended Tuesday’s session in scattered order, like the Dow Jones (+0.47%) and the Nasdaq Composite (-0.16%). The S&P500, the benchmark barometer of risk appetite in the eyes of fund managers, closed in perfect balance at 6,735 points.
An update on other risky asset classes: around 8:00 this morning
> On the foreign exchange market the single currency was trading at a level close to $1.1600.
> The barrel of WTI, one of the barometers of the appetite for risk on the financial markets, was trading around $58.20.
> THE Treasuries 10 years, yield on federal sovereign bonds maturing in 10 years, were trading slightly above the 3.96%.
> As for the VIX, it was worth 17.87 at the last close of the S&P500.
On the macroeconomic agenda this Wednesday to follow crude stocks across the Atlantic at 4:30 p.m.
KEY GRAPHIC ELEMENTS
The 8,260 points formally constitute a resistance, which would only become support in the event of a large, rapid crossing in powerful volumes, all in a large sectoral federation. The last three sessions of the week will therefore be essential on a technical level.
FORECAST
Considering the key graphical factors that we have mentioned, our opinion is negative on the CAC 40 index in the short term.
This bearish scenario is valid as long as the CAC 40 index is below resistance at 8260.00 points.
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