. Daily Index Analysis - Nasdaq 100 Hits New Highs, S&P 500 Surges.

Daily Index Analysis – Nasdaq 100 Hits New Highs, S&P 500 Surges.

Daily Index Analysis – Nasdaq 100 Hits New Highs, S&P 500 Surges.

18 Jun 2024

Introduction:

Global markets showed mixed but mostly positive movements on Tuesday. Asian shares rose following a strong performance in U.S. stocks, with the Nikkei 225 leading gains up 1.00%. Meanwhile, European markets saw modest gains amid anticipation of central bank meetings and political developments. In the U.S., the S&P 500 and Nasdaq reached record highs ahead of crucial economic data releases and Federal Reserve updates.

Market In Focus for today – Nasdaq 100

NASDAQ 100 Continues to Move on Momentum.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 19968.09 | Positive Crossover | Positive
  • MA 20: 19718.34 | Positive Crossover | Positive
  • MA 50: 19296.51 | Positive Crossover | Positive

Simple:

  • MA 5: 19972.73 | Positive Crossover | Positive
  • MA 20: 19637.44| Positive Crossover | Positive
  • MA 50: 19147.23 | Positive Crossover | Positive

RSI (Relative Strength Index): 84.15| Buy Zone| Bullish


Stochastic Oscillator: 98.53| Buy Zone | Neutral

Resistance And Support Levels:

  • R1: 20256.09 | R2: 20692.75
  • S1: 19619.82| S2: 19145.73


Overall Sentiment: Bullish | Market Direction: Buy


Trade Suggestion: Limit Buy: 19569.91 | Take Profit: 20256.09| Stop Loss: 19170.68.

S&P 500:

The S&P 500 reached a record high as tech stocks continued to show strength.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 5504.16 | Positive Crossover | Bullish
  • MA 20: 5463.07 | Positive Crossover | Bullish
  • MA 50: 5394.45 | Positive Crossover | Bullish

Simple:

  • MA 5: 5504.64 | Positive Crossover | Bullish
  • MA 20: 5450.97| Positive Crossover | Bullish
  • MA 50: 5367.01 | Positive Crossover | Bullish

RSI (Relative Strength Index): 77.94|Buy Zone | Positive


Stochastic Oscillator: 84.93 | Buy Zone | Neutral

Resistance And Support Levels:

  • R1: 5557.23 | R2: 5659.38
  • S1: 5435.22| S2: 5324.56


Overall Sentiment: Bullish| Market Direction: Buy


Trade Suggestion: Buy Limit : 5429.55 | Take Profit: 5557.23| Stop Loss: 5347.26.

FTSE 100:

The FTSE 100 lower ahead of UK data, BoE decision.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 8176.12 | Positive Crossover | Bullish
  • MA 20: 8190.67 | Negative Crossover | Bearish
  • MA 50: 8236.46 | Negative Crossover | Bearish

Simple:

  • MA 5: 8180.07 | Positive Crossover | Bullish
  • MA 20: 8195.05| Negative Crossover | Bearish
  • MA 50: 8232.44 | Negative Crossover | Bearish

RSI (Relative Strength Index): 46.42| NeutralZone| Neutral


Stochastic Oscillator: 72.23| Buy Zone | Positive

Resistance And Support Levels:

  • R1: 8291.8 | R2: 8448.0
  • S1: 8154.6| S2: 7994.0


Overall Sentiment: Neutral | Market Direction: Sell


Trade Suggestion: Sell Limit : 8143.1 | Take Profit: 7994.4| Stop Loss: 8291.8.

Euro Stoxx 50:

European stock markets climbed on Tuesday, buoyed by reduced concerns about political instability in the region, amid a week featuring several central bank policy meetings, including the Bank of England’s.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 4909.81 | Negative Crossover | Bearish
  • MA 20: 4940.20 | Negative Crossover | Bearish
  • MA 50: 4980.47 | Negative Crossover | Bearish

Simple:

  • MA 5: 4900.04 | Negative Crossover | Bearish
  • MA 20: 4954.53| Negative Crossover | Bearish
  • MA 50: 4992.02 | Negative Crossover | Bearish

RSI (Relative Strength Index): 40.45| Neutral Zone| Neutral


Stochastic Oscillator: 47.27| Buy Zone | Positive

Resistance And Support Levels:

  • R1: 4953 | R2: 5043
  • S1: 4837| S2: 4749


Overall Sentiment: Neutral | Market Direction: Sell


Trade Suggestion: Sell Limit : 4940 | Take Profit: 4821| Stop Loss: 5022.


Elsewhere in the Indices Market:

Asian Shares were mostly higher in on Tuesday following a rally in U.S. stocks that reached new records.

The Shanghai composite is up at 0.48%. Overall, the Singapore MSCI up 0.20% to 310.77. Over in Hong Kong, the Hang Seng Index down 0.11% to 17,915.55. In Japan, the Nikkei 225 up 1.00% to 38,482.11, while the Topix index was up 0.58% to 2715.76. South Korea’s Kospi up 0.72% to 2,763.92. Australia S&P/ASX 200 up 1.01% to, 7,778.10.

European markets inch higher as investors await key central bank meetings and political developments.

The DAX futures contract in Germany traded 0.17 higher, CAC 40 futures in France up 0.15% to 7,583.01 and the UK 100 futures contract in the U.K. up 0.37% to 8,172.65.

US stocks hit record the S&P 500 and Nasdaq achieved record closing highs ahead of upcoming data and Federal Reserve comments.

The S&P 500 and Nasdaq achieved new record closing highs boosted by a rally in technology shares driven by optimism about artificial intelligence. Investors awaited this week’s economic data and Federal Reserve speeches for insights into monetary policy.

Indexes: Dow down 0.01%, S&P 500- up 0.77%, Nasdaq up 095%.

Corporate News:

Netflix, Inc. (NFLX) up 0.96% at 675.83, Tesla, Inc (TSLA) up 5.30% at 187.44, Apple Inc. (AAPL) up 1.97% at 216.67. Goldman Sachs Group Inc (GS) up 0.83% at 450.18, Morgan Stanley (MS) up 1.61% at 97.04.



Key Economic Events & Data Release Today:

(AUD) RBA Rate Statement at 00:30.

(AUD) RBA Interest Rate Decision (Jun) Forecast 4.35%, Previous 4.35% at 00:30.

(EUR) CPI (YoY) (May) Forecast 2.6%, Previous 2.4% at 05:00.

(USD) Core Retail Sales (MoM) (May) Forecast 0.2%, Previous 0.2% at 08:30.

(USD) Retail Sales (MoM) (May) Forecast 0.3%, Previous 0.0% at 08:30.

(USD) Industrial Production (MoM) (May) Forecast 0.3%, Previous 0.0% at 09:15.