The French CAC 40 closed modestly lower, down 0.18% at 8,313.24 points, with a turnover of €4.63 billion. The dip came after a surprise in U.S. employment data that lifted global risk appetite.
Economists had forecast the Bureau of Labor Statistics would report about 65,000 private‑sector jobs and a stable 4.4% unemployment rate for January. Instead, the BLS disclosed 130,000 new hires and a drop in unemployment to 4.3%. Federal Reserve Chair Jerome Powell used the numbers to underline a stabilising labour market, just as the Fed chose to keep interest rates unchanged in its latest meeting.
In contrast, French software giant Dassault Systèmes disappointed investors with earnings and outlook far below expectations, triggering a >20% plunge – its steepest drop since the 1996 IPO. The miss reignited concerns that artificial‑intelligence competitors could erode its market share. Across the Atlantic, Wall Street felt the AI buzz too, as fintech Altruist rolled out a tax‑planning tool powered by generative AI, shaking the financial‑services sector.
February CAC 40 Future – Technical Outlook
Key resistance levels: 8,469.5 pts, 8,672 pts, 8,896 pts, 9,188 pts, 8,374 pts.
Major support zones: 8,310.5 pts, 8,246 pts, 8,216 pts, 8,188.5 pts, 8,150 pts, 8,116 pts, 8,089.5 pts, 8,046 pts, 8,034.5 pts, 7,995 pts, 7,917 pts, 7,867.5 pts, 7,817.5 pts, 7,770 pts, 7,606.5 pts, 7,548 pts, 7,456.5 pts, 7,303.5 pts, 7,134.5 pts, 6,913 pts.
Intraday, the market remains bullish as long as it stays above the 8,246 pts support. The future contract has reclaimed the minor support at 8,310.5 pts after a short‑term rally from a recent throw‑back in the upper congestion zone. A bounce off this pivot could revive the up‑trend, targeting the first resistance at 8,469.5 pts.
If the 8,469.5 pts barrier holds and the index closes above it, the consolidation that began in May 2024 would likely end, opening the path to the upper half of the long‑term upward channel with a final target near 9,374 pts – the height of the monthly horizontal channel.
Conversely, a break below the intermediate support at 8,246 pts would invalidate the bullish recovery, potentially sending the index back into a descending wave‑pattern. In that scenario, the next downside target could be the lower edge of the long‑term channel around 8,034.5 pts. A breach of the 8,034.5‑7,995 pts alert zone would likely accelerate a move toward deeper supports between 7,606.5 pts and 7,548 pts. Finally, a fall through the triple‑top “neckline” at 7,134.5 pts could unleash a sharp decline toward the 6,000 pts region.
For now, the “Dynamic” portfolio remains positioned to capture a short‑term upward swing of roughly 100 points before any renewed consolidation, while profit‑taking is planned around the identified chart targets. The “Investor” portfolio may be trimmed or hedged if the market shows signs of weakness.
