(News Bulletin 247) – The Philadelphia Fed’s manufacturing index, which has just been published unexpectedly up to 39.0, beating the flat seam target, will contribute to Wall Street’s good mood at the opening on Thursday, just like, in the end, the weekly registrations for unemployment benefits, slightly disappointing, which are not able to put more pressure on the Fed. The futures on the index point to an increase of around 0.60% for the Composite, which fell back slightly yesterday, by 0.33% to 15,921 points.
The micro-reflux lasted only two small sessions on November 9 and 10, on the Nasdaq Composite index, however sensitive by nature and composition, to the outlook for monetary tightening from the Fed. Following this publication at the heart of last week of a sharper-than-expected rise in consumer prices, while 10-year Treasuries showed some signs of nervousness, “the yield curve flattened and yields Realities have hit new lows, “observed César Perez Ruiz, Chief Investment Officer and CIO at Pictet Wealth Management. “This suggests that investors remain convinced that the surge in inflation will be temporary or that they view possible monetary tightening by the Fed (justified in view of the rise in consumer prices) as a strategic mistake that would plague the recovery — or both. ” There Is No Alternative …
Side values, to be followed Cisco Systems after the publication of a warning (warning) on ​​its quarterly sales.
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 technological 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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