To The Moon

Summary of the week:

On Friday, the $NASDAQ(.IXIC)$ fell 1.6%, although the technological index still won 3.3% this week.

The $S&P 500(.SPX)$ fell by 1%, reducing its weekly earnings to 1.6%.

$DJIA(.DJI)$ fell 0.4% and 0.2% over the week.

Main events;

• Meetings of Central Banks ECB, BOE and mainly of the American Federal Bank with FOMC:

The Fed announced on Wednesday an increase of 25 BP.

Although the president of the Fed, Jerome Powell, was sometimes a fellowshipman at the press conference, he would also have been accommodating enough for the market to note ...

• Big Tech results:

$Meta Platforms, Inc.(META)$ with the announcement of a share purchase program of $ 40 billion ...

$Apple(AAPL)$ , $Amazon.com(AMZN)$ and Alphabet missed their earnings ... all complained about the weakness of the upcoming demand ...

• US employment report, NFP:

The US economy added 517,000 jobs in January, navigating the 185,000 jobs set by economists interviewed by Factset.

The unemployment rate also fell to 3.4%, its lowest level since 1969. Economists expected that the unemployment rate reached 3.6%...

Investors expected signs of a slowed economy ... and a strong labor market can be disturbing for betting on inflation to continue to drop quickly ...

Market scenario:

Investors would be increasingly convinced that inflation goes in the right direction and that the Fed would approach the end of its aggressive rate of tightening rates.

However, the gap between what the central bankers say and what investors are waiting for is gaping ... and it is not only in the United States ...

The president of the European Central Bank, Christine Lagarde, not only noted on the rates more than the Fed on Thursday, but she also promised another excessive measure in March.

And the president of the Fed, Jerome Powell, although he was not aggressive on Wednesday, was not particularly accommodating.

At one point, he even explained again that it would be worse to stop increasing rates too soon than increasing too far...

Maybe the market is right and rate reductions are underway. But it seems to be a risky bet ... 

Calendar:

• From a macro point of view, the coming week would be plûtot turned towards Europe with Germany: Industrial Orders (Monday); Industrial Production (Tuesday); HICP (Thursday).
• On the US side, we will focus on: Fed's Powell Speaks (Tuesday) and 14 Initial Jobless Claims (Thursday).
• On the Asia side: Japanese PPI (Friday), Chinese CPI and PPI (Friday).
• UK GDP (Friday).

Levels retained for the SP500: for information, not an advice.

• Key area: 4040-4060
• Upper area: 4150-4200
• Lower zone: 4100-4000

SPX levels

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