The Paris stock exchange ended the session in the red, with the CAC 40 cash index slipping 0.15% to 8,131.15 points on an average volume of €3.16 bn.
Investors adopted a cautious stance as the week kicked off with a slew of high‑profile events. Market participants are waiting for the earnings releases of major U.S. and European corporations, and especially for Jerome Powell’s testimony, which could signal the next move of the Federal Reserve’s monetary policy.
On the geopolitical front, former President Donald Trump reignited trade friction by threatening a tariff of up to 100% on Canadian goods if Ottawa finalises new deals with China. The move is aimed at preventing Canada from becoming a conduit for Chinese exports to North America, adding another layer of uncertainty to global markets.
Amid the turmoil, gold broke the symbolic $5,000 per ounce barrier for the first time this year, underscoring the flight‑to‑safety mood among investors.
Among equities, EssilorLuxottica fell 2.94% to €257.3 after a complaint was filed alleging a possible patent infringement linked to its connected‑glasses project with Meta.
February CAC 40 Futures
Key resistance levels: 8,311 – 8,338 – 8,399.5 – 8,470
Key support levels: 8,274.5 – 8,247 – 8,216 – 8,182 – 8,116 – 8,045.5 – 8,014.5 – 7,963 – 7,904
Intraday bias: Bearish below 8,168 points.
Technical picture
As of the 14:00 snapshot, the CAC 40 future is stuck in a tight consolidation corridor between 8,108 and 8,204 points. A decisive move higher will likely require the gap that opened on 19 January (8,242 – 8,282.5) to be filled first, followed by a clean break above the crucial 8,247‑point resistance.
If the market manages to close the intermediate resistances at 8,311, 8,338 and 8,399.5, it could resume an upward march toward the long‑term bullish channel’s upper edge. Conversely, two open bearish gaps remain on the chart, weighing on momentum and indicating lingering short‑term doubt.
Should the intermediate supports around 8,140.5 and 8,116 fail, the index may drift toward the lower bound of the bullish channel near 8,016 points. Nonetheless, as long as the 8,016 level holds by the close, the broader trend stays intact. A clear breach of that floor during the session could trigger a deeper consolidation, potentially pulling the price toward the next major supports at 7,731 and 7,603 points.
Indicator snapshot
The CAC 40 future trades above its 50‑day and 200‑day moving averages. The MACD histogram is turning negative, the RSI hovers around neutral, and volume is up compared with the previous session.
Outlook
We maintain a measured short‑position exposure on speculative index instruments within the dynamic portfolio, while keeping a hedging layer in the investor portfolio. This balanced approach reflects our vigilance amid ongoing geopolitical risks and the still‑uncertain monetary‑policy backdrop. Only clear, confirmed breaks of the key technical levels will prompt us to adjust our allocations.