On this public holiday and after 3 sessions in the red, the Paris Stock Exchange recovered slightly, thanks to employment figures and ahead of the Fed meeting and the presidential election in the United States this week. next. The American economy in fact created only 12,000 non-agricultural jobs last month, the lowest since December 2020, marking a very clear slowdown compared to the 223,000 in September and the 106,000 anticipated. The unemployment rate remained at 4.1% and the annual growth in average hourly wages at 4%. The hypothesis of a easing of Fed rates by 0.25% during Wednesday's meeting is therefore widely expected by investors and the uncertainty surrounding the American presidential election only reinforces this feeling. On the business side,
Apple, with more than $3,400 billion in market capitalization, has not fully convinced. The 1era of the Magnificent Seven indicated that its sales over the last three months of the year, a crucial period with the end-of-year holidays, would not increase by more than 5%. Amazon and Intel did not disappoint by publishing results better than forecasts.
1,440 contracts were destroyed on the Future CAC40 during the declining session of October 31, a sign of a lack of selling pressure.
On the future November
THE resistors are : 7433 then 7468 and 7554 or even 7602 Then 7656,5 and 7745 or even 7834 then 7937 and 8018 or even 8165 then 8258,5 and 8353.5 or even 8497 then 8578.5.
THE supports are : 7384 or even 7336 then 7267 and 7154 even 7101 then 7050 and 6920 even 6726.
Intraday, the trend is bullish above 7667.
Graphically, the Future CAC40 (Cf. graph attached in 14 Hours), broke from below, the lower part of the medium-term neutrality zone whose limits were between 7834 et 7433 and within which, the index consolidated for several months. The rebound around the major support positioned at 7336 points, materialized by a bullish engulfingconstituted the start of a pull back on the intraday alert, thus reinforcing the breakout and resumption of the consolidation movement. A rupture of 7336would lead to a continuation of the decline towards 7050 points, a level obtained by replicating the height of the congestion zone previously cited. An incursion below this level would be tolerated, but a closing would relaunch the medium-term downward dynamic with a target of 6920 or even 6726 points.
A l'inversea reintegration at the end of the trading rangewould invalidate the bearish recovery attempt, and would be the precursor sign of a rebound, which would only be validated in the event of overflow of 7468 points. Furthermore, a crossing of the median positioned 7667 points, would mark the end of the consolidation movement initiated on September 30 with the objective, 7834 points. An overflow, of this major resistancewould reactivate the medium-term upward dynamic towards 8234 points, combined with a possible extension towards the annual highs. However, it remains to cross 8018 points, which plays a pivotal psychological role.
To conclude, we started taking half the profits on a portion of the bearish speculative positions held on the dynamic portfolio. However, we continue to look for investment opportunities in the investor portfolio as we approach the finalization of the year-end portfolios of large management companies.
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