(News Bulletin 247) – The Nasdaq Composite index, the flagship expanded index of technology stocks on the American side, is expected to rise slightly on Monday, investors lacking initiatives in the run-up to important publications this week (producer prices , Fed Minutes in particular).
Regarding this monetary policy report, due on Wednesday, “the markets will be waiting for an indication of the next rate hike, which could be 50 bps, as suggested by Jerome Powell in his last speeches. The start of the reduction in the The Fed’s balance sheet could also be mentioned, although, despite the end of the asset purchase program in early March, the Fed’s balance sheet has continued to grow since then”, anticipates Vincent Boy, for IG France.
The news of values ​​is clearly marked on Monday by the acquisition of a 9% stake by Elon Musk in the capital of Twitter, whose action is expected to rise very sharply. According to a document filed with the American stock market regulator, the SEC, Mr. Musk, who is the richest man on the planet, boss among others of Tesla, acquired nearly 73.5 million ordinary shares of Twitter, i.e. 9.2% of the stock market value of the company.
On Friday, the operators dissected the content of the NFP (Non Farm Payrolls) report, the monthly federal report on American employment. The unemployment rate continued to fall, to 3.6% of the active population against 3.7% expected, and the number of job creations in the private sector (excluding agriculture), at 431,000 jobs, fell by 60,000 expectations. A satisfactory report having also had the merit of not showing signs of overheating.
To follow orders to industry in the United States at 4:00 p.m. on Monday.
KEY GRAPHIC ELEMENTS
On the technical side, as long as the flagship index of technology stocks on the American side remains above 13,838 points, nothing is to be feared. This is a technical threshold easily regained, on a combination of candles in “three advancing soldiers”, from March 16 to 18. A passage below 14,445 points was validated on Thursday signifying a reinstatement of a trading range above 13,330 points.
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 14445.00 points would revive the tension in the purchase. While a breakout of 13838.00 points would revive selling pressure.
CHART IN DAILY DATA
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