. Daily Index Analysis - US Data, Inflation Concerns, European Gains.

Daily Index Analysis – US Data, Inflation Concerns, European Gains.

Daily Index Analysis – US Data, Inflation Concerns, European Gains.

28 Jun 2024

Introduction:

Asian shares mostly declined on Thursday ahead of a key US inflation report, while European stocks edged down amid global inflation concerns. US stock futures also dipped following disappointing guidance from Micron and in anticipation of key economic data releases.

Market In Focus for today – Dow Jones

Dow Jones moves to midrange as mixed US data confuses risk appetite.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 39531.15 | Positive Crossover | Bullish
  • MA 20: 39486.00 | Positive Crossover | Bullish
  • MA 50: 39309.01 | Positive Crossover | Bullish

Simple:

  • MA 5: 39520.69 | Positive Crossover | Bearish
  • MA 20: 39560.29| Positive Crossover | Bullish
  • MA 50: 39201.00 | Positive Crossover | Bullish

RSI (Relative Strength Index): 56.38| Buy Zone| Bullish


Stochastic Oscillator: 35.21| Buy Zone | Bullish

Resistance And Support Levels:

  • R1: 39649.40 | R2: 40153.58
  • S1: 39246.05| S2: 38872.96


Overall Sentiment: Bullish | Market Direction: Buy


Trade Suggestion: Buy Limit: 39407.39 | Take Profit: 39911.57| Stop Loss: 39104.88.

S&P 500:

S&P 500 futures rise as the Fed’s preferred inflation gauge indicates slowing inflation.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 5544.87 | Positive Crossover | Bullish
  • MA 20: 5535.19 | Positive Crossover | Bullish
  • MA 50: 5485.45 | Positive Crossover | Bullish

Simple:

  • MA 5: 5539.47 | Positive Crossover | Bullish
  • MA 20: 5540.13| Positive Crossover | Bullish
  • MA 50: 5483.00 | Positive Crossover | Bullish

RSI (Relative Strength Index): 66.37|Buy Zone | Positive


Stochastic Oscillator: 90.49| Buy Zone | Positive

Resistance And Support Levels:

  • R1: 5584.56 | R2: 5685.13
  • S1: 5481.47| S2: 5385.93


Overall Sentiment: Bullish| Market Direction: Buy


Trade Suggestion: Buy Limit : 5471.41 | Take Profit: 5584.58| Stop Loss: 5401.62.

FTSE 100:

FTSE 100 opens higher, poised for a fourth consecutive quarterly gain.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 8219.67 | Negative Crossover | Bearish
  • MA 20: 8227.22 | Negative Crossover | Bearish
  • MA 50: 8234.30 | Negative Crossover | Bearish

Simple:

  • MA 5: 8223.12 | Positive Crossover | Bearish
  • MA 20: 8243.97| Positive Crossover | Bearish
  • MA 50: 8222.26 | Positive Crossover | Bearish

RSI (Relative Strength Index): 43.89| Buy Zone| Bullish


Stochastic Oscillator: 16.81| Sell Zone | Neutral

Resistance And Support Levels:

  • R1: 8260.2 | R2: 8374.3
  • S1: 8148.7| S2: 8029.7


Overall Sentiment: Neutral | Market Direction: Sell


Trade Suggestion: Sell Limit : 8314.2 | Take Profit: 8451.7| Stop Loss: 8217.5.

Euro Stoxx 50:

European stock markets traded mostly higher on Friday, wrapping up the week on a positive note. Investors are digesting regional economic data and the political climate ahead of key U.S. inflation figures.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 4911.81 | Negative Crossover | Bearish
  • MA 20: 4917.20 | Negative Crossover | Bearish
  • MA 50: 4941.47 | Negative Crossover | Bearish

Simple:

  • MA 5: 4915.05 | Negative Crossover | Bearish
  • MA 20: 4920.53| Negative Crossover | Bearish
  • MA 50: 4949.02 | Negative Crossover | Bearish

RSI (Relative Strength Index): 41.17| Neutral Zone| Neutral


Stochastic Oscillator: 15.2| Sell Zone | Negative

Resistance And Support Levels:

  • R1: 4969 | R2: 5038
  • S1: 4906| S2: 4832


Overall Sentiment: Neutral | Market Direction: Sell


Trade Suggestion: Sell Limit : 4896 | Take Profit: 4752| Stop Loss: 4961.


Elsewhere in the Indices Market:

With US inflation easing, Asian stocks are on track for their fifth consecutive month of gains.

The Shanghai composite is up at 0.73%. Overall, the Singapore MSCI up 0.13% to 315.93. Over in Hong Kong, the Hang Seng Index up 0.01% to 17,718.61. In Japan, the Nikkei 225 up 0.61% to 39,583.08, while the Topix index was up 0.57% to 2809.63. South Korea’s Kospi up 0.49% to 2,797.82. Australia S&P/ASX 200 up 0.10% to, 7,767.50.

European stocks mostly rise; UK GDP growth and French political concerns influence markets.

The DAX futures contract in Germany traded up 0.32, CAC 40 futures in France down 0.63% to 7,483.49 and the UK 100 futures contract in the U.K. down 0.28% to 8,202.18.

US stock futures dip; chipmakers decline following Micron’s disappointing performance.

U.S. stock index futures fell on Thursday, pulling back after Micron’s disappointing guidance and in anticipation of key economic data releases.

Indexes: Dow down 0.2%, S&P 500- up 0.1%, Nasdaq up 0.1%.

Corporate News:

Netflix, Inc. (NFLX) up 0.98% at 684.34, Tesla, Inc (TSLA) up 0.53% at 197.42, Apple Inc. (AAPL) up 0.40% at 214.10. Goldman Sachs Group Inc (GS) down 2.17% at 445.96, Morgan Stanley (MS) down 1.16% at 95.77.



Key Economic Events & Data Release Today:

(GBP) GDP (QoQ) (Q1) Forecast 0.6%, Previous –0.3% at 02:00.

(GBP) GDP (YoY) (Q1) Forecast 0.2%, Previous –0.2% at 02:00.

(EUR) German Unemployment Change (Jun) Forecast 14K, Previous 15K at 02:30.

(USD) Core PCE Price Index (MoM) (May) Forecast 0.1%, Previous 0.2% at 08:30.

(CAD) GDP (MoM) (Apr) Forecast 0.3%, Previous 0.0% at 08:30.