The CAC40 cash closed the session up 0.18% to 7,992.87 points in a very significant volume at the end of the month of €7.967 billion and the week with a drop of 1.32%. The downward pressure detected since the start of the week is confirmed on the American Indices, which have all fallen ahead of the inflation figures in the United States. The timid rebound on May 30 in Europe revealed a slight decrease in the number of open futures contracts, which confirms the absence of support and indicates a partial buy-in from sellers. Bearish pressure remains moderate and the reaction to the FED’s preferred marker of American inflation, the PCE Core Index, which rose 0.2%, in line with expectations, allowed the major Indices to regain color. . The coming week will be marked by the meeting of the European Central Bank, which should announce a first cut in its key rates, for the first time in its history before the FED. But operators will be particularly attentive to the publication of monthly employment figures in the United States, the last determining macroeconomic element before the FED meeting in 15 days.
On the future JUNE
THE resistors are : 7974, 8000 and 8049, 8091 and 8120 then 8149, 8208.5 then 8270.
THE brackets are : 7925 and 7886 even 7830 then 7720 even 7616 and zone 7404/7478.
Intraday, the trend is bearish below 8040.
Graphically, the Future CAC40 (See attached 14 Hour chart), continues its slow consolidation without managing to get closer to the bullish reactivation zone whose first level is 8049. Indeed, between this intermediate resistance and 8091 the bearish trend would be called into question and we would enter a zone of neutrality. Only by closing above 8091 could the uptrend resume, with 8149 and 8208 as glass ceilings to overflow.
For now, prices continue to hit 8000 and the legitimate target of the consolidation movement remains positioned between 7830 and 7886.
Remember that a close below 7830 would trigger the short-term alert. Indeed, its rupture would indicate the exit from the bottom of the consolidation zone 7830/8149, active since mid-March and therefore the invalidation of the increase built since the beginning of the year. The next target is between 7478 and 7511.
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