. Daily Index Index Analysis - Global Indices Mixed as Fed Meeting and CPI Loom.

Daily Index Index Analysis – Global Indices Mixed as Fed Meeting and CPI Loom.

Daily Index Index Analysis – Global Indices Mixed as Fed Meeting and CPI Loom.

11 Jun 2024

Introduction:

Across global indices, Asian stocks exhibit a mixed performance in anticipation of this week’s Federal Reserve meeting. While European shares stabilize after previous losses sparked by French political uncertainties, U.S. stock futures slip, drawing focus towards the Fed meeting and impending CPI data release.

Market In Focus for today – Dow Jones

Dow Futures fell ahead of the stock market opens.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 38844.81 | Positive Crossover | Negative
  • MA 20: 38838.25 | Positive Crossover | Negative
  • MA 50: 38944.08 | Positive Crossover | Negative

Simple:

  • MA 5: 38869.02 | Positive Crossover | Negative
  • MA 20: 38825.96| Positive Crossover | Negative
  • MA 50: 38976.89 | Positive Crossover | Negative

RSI (Relative Strength Index): 46.58| Neutral Zone| Neutral


Stochastic Oscillator: 31.82| Sell Zone | Neutral

Resistance And Support Levels:

  • R1: 39142.36 | R2: 39642.41
  • S1: 38642.31| S2: 38195.46


Overall Sentiment: Neutral | Market Direction: Sell


Trade Suggestion: Limit Sell: 39099.80 | Take Profit: 38578.47| Stop Loss: 39472.18.

S&P 500:

The S&P 500 achieves new records as investors prepare for a Federal Reserve policy decision and significant inflation data in the upcoming week.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 5353.27 | Negative Crossover | Bearish
  • MA 20: 5340.37 | Positive Crossover | Bullish
  • MA 50: 5316.44 | Positive Crossover | Bullish

Simple:

  • MA 5: 5358.12 | Negative Crossover | Bearish
  • MA 20: 5337.13| Positive Crossover | Bullish
  • MA 50: 5320.21 | Positive Crossover | Bullish

RSI (Relative Strength Index): 57.49|Buy Zone | Positive


Stochastic Oscillator: 78.97 | Buy Zone | Positive

Resistance And Support Levels:

  • R1: 5374.15 | R2: 5453.54
  • S1: 5283.10| S2: 5192.04


Overall Sentiment: Bullish| Market Direction: Buy


Trade Suggestion: Buy Limit : 5307.01 | Take Profit: 5384.82| Stop Loss: 5269.01.

FTSE 100:

The FTSE 100 plummeted as the bond sell-off, triggered by political uncertainty in France, continued for a second day.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 8228.65 | Negative Crossover | Bearish
  • MA 20: 8248.45 | Negative Crossover | Bearish
  • MA 50: 8273.62 | Negative Crossover | Bearish

Simple:

  • MA 5: 8239.46 | Negative Crossover | Bearish
  • MA 20: 8261.11| Negative Crossover | Bearish
  • MA 50: 8299.52 | Negative Crossover | Bearish

RSI (Relative Strength Index): 34.58| Selling Zone| Negative


Stochastic Oscillator: 31.36| Sell Zone | Neutral

Resistance And Support Levels:

  • R1: 8310.4 | R2: 8448.0
  • S1: 8127.6| S2: 7987.0


Overall Sentiment: Bearish | Market Direction: Sell


Trade Suggestion: Sell Limit : 8243.5 | Take Profit: 8061.3| Stop Loss: 8369.9.

Euro Stoxx 50:

European stocks declined on Tuesday as investors anticipated the upcoming Federal Reserve meeting and the release of U.S. inflation data.

TECHNICAL OVERVIEW:|

Moving Averages:

Exponential:

  • MA 5: 5017.18 | Negative Crossover | Bearish
  • MA 20: 5020.71 | Negative Crossover | Bearish
  • MA 50: 5022.77 | Negative Crossover | Bearish

Simple:

  • MA 5: 5031.5 | Negative Crossover | Bearish
  • MA 20: 5023.5| Negative Crossover | Bearish
  • MA 50: 5024.12 | Negative Crossover | Bearish

RSI (Relative Strength Index): 38.39| Selling Zone| Sell


Stochastic Oscillator: 38.66| Sell Zone | Negative

Resistance And Support Levels:

  • R1: 5064 | R2: 5138
  • S1: 4945| S2: 4868


Overall Sentiment: Neutral | Market Direction: Sell


Trade Suggestion: Sell Limit : 5003 | Take Profit: 4941| Stop Loss: 5048.


Elsewhere in the Indices Market:


Asian stocks show mixed performance ahead of this week’s Fed meeting.

The Shanghai composite is down at 0.76%. Overall, the Singapore MSCI down 0.49% to 308.80. Over in Hong Kong, the Hang Seng Index down 1.04% to 18,176.34. In Japan, the Nikkei 225 up 0.25% to 39,134.79, while the Topix index was down 0.20% to 2776.80. South Korea’s Kospi down 0.15% to 2,705.32. Australia S&P/ASX 200 down 1.33% to, 7,755.40.

European shares remained range bound on Tuesday after the previous session’s losses due to political uncertainties in France.

The DAX futures contract in Germany traded 0.64 lower, CAC 40 futures in France down 0.97% to 7,817.75 and the UK 100 futures contract in the U.K. down 0.84% to 8,159.79.

U.S. stock futures slip as attention turns to the Fed meeting and upcoming CPI data.

U.S. stock futures declined on Tuesday amid caution at the start of the Federal Reserve meeting and ahead of key inflation data set for release later in the week.

Indexes: Dow down 0.4%, S&P 500- down 0.3%, Nasdaq down 0.3%.

Corporate News:

Netflix, Inc. (NFLX) up 0.47% at 644.50, Tesla, Inc (TSLA) down 2.08% at 173.79, Apple Inc. (AAPL) down 1.91% at 193.12. Goldman Sachs Group Inc (GS) down 0.30% at 453.55, Morgan Stanley (MS) down 0.77% at 96.39.



Key Economic Events & Data Release Today:

(GBP) Average Earning Index + Bonus (Apr) Forecast 5.7%, Previous –5.7% at 02:00.

(CAD) Building Permits (MoM) (Apr) Forecast 4.9% Previous –11.7% at 08:30.

(CNY) CPI (MoM) (May) Previous 0.1% at 21:30. (CNY) PPI (YoY) (May) Forecast –1.5%, Previous –2.5% at 21:30.