CAC40 Closes Higher
The CAC40 cash index finished the session up 0.35%, at 8,007.97 points, on a modest €3.687 billion of trading volume.
The Paris stock market ended in positive territory, breaking a four‑day losing streak. Investors stayed cautious for most of the day because recent macro data looked weak.
In France, the unemployment rate passed 8% in the first quarter of 2026 – a level not seen since 2021. Inflation rose to 2.2% year‑over‑year in April, up from 1.7% in March, mainly due to higher energy prices.
Across Europe, growth slowed. Gross domestic product grew only 0.8% YoY in Q1, down from 1.2% at the end of 2025. The market fears a deeper slowdown while tensions over Iran add more uncertainty.
Geopolitically, Donald Trump is scheduled to meet Chinese President Xi Jinping tonight, alongside leaders such as Tim Cook, Elon Musk and Larry Fink. The summit aims to smooth trade ties between Beijing and Washington. China also urged Pakistan to step up mediation on the Iran issue.
On the CAC40, the biggest losers were Capgemini (‑2.48% to 96.74), Danone (‑2.13% to 61.44) and Euronext (‑1.70% to 139). The top gainers were STMicroelectronics (+9.79% to 52.34) and ArcelorMittal (+7.10% to 54.90).
May Futures
Resistance levels: 8,332 → 8,475 → 8,652.5
Support levels: 8,237.5 → 8,201.5 → 8,162.5 → 8,090 → 8,062 → 7,984 → 7,961 → 7,834 → 7,719 → 7,669 → 7,540.5
Intraday bias stays bullish above 7,989 points.
Technical Outlook
At 2 PM, the CAC40 future kept a short‑term upward tilt, trading above 7,984 points. The daily candle formed a "bullish penetration" pattern, often signaling that selling pressure is easing and a possible trend reversal.
Buyers need to push the price above key resistances at 8,062, 8,090 and 8,163.5 points. Three consecutive closes above the last level would confirm a stronger uptrend.
Technical analysis shows the index still sits inside its long‑term upward channel, whose lower bound is near 8,270 points – a constructive sign. If geopolitical tensions ease, the channel could help close the continuation gap between 8,336 and 8,358 points. A later closure of the break‑gap (8,473.5‑8,544) would further boost the bullish case, possibly lifting the index toward the channel’s upper bound around 8,800 points.
Note: The candle on 14/04/2026 included a "fat‑finger" error – an accidental order entry that created a technical spike. This anomaly was excluded from the analysis.
Traders will watch the next candle to see if the bullish penetration pattern holds. A quick drop next session could cancel the signal, especially in a low‑volume, volatile market that shows weak buyer conviction.
As long as the CAC40 stays above the intraday alert level of 7,984 points, short‑term momentum remains positive. Falling below that threshold could trigger a consolidation phase, first testing 7,958 points, then a confirmation zone near 7,890 points. A breach of the lower accumulation zone would raise the risk of a deeper correction, with the next strong support at 7,719 points and a possible slide toward the 7,540 region.
Indicator Summary
The index is trading below its 20‑day, 50‑day and 200‑day moving averages. MACD histograms are negative, the RSI is neutral, and volume is down compared with the previous session.
Conclusion
We stay cautious amid ongoing geopolitical uncertainty. Our next moves will depend on the market’s ability to re‑enter its upward channel or, failing that, return to the accumulation zone. Since the start of the year, our portfolios have outperformed the CAC40 while keeping measured exposure to equities. Any additional weight will be added selectively, only after clear technical setups appear – such as those we currently see for Imerys, Danone and Ekinops.
