. Daily Index Analysis - Asian Shares Rise And Record S&P 500 Futures

Daily Index Analysis – Asian Shares Rise And Record S&P 500 Futures

Daily Index Analysis – Asian Shares Rise And Record S&P 500 Futures

13 Jun 2024

Introduction:

Asian shares rose as easing U.S. CPI data mitigated the impact of the Fed’s hawkish stance. The Shanghai Composite fell, while indices in Singapore, Hong Kong, and South Korea gained. European stocks retreated following the Fed’s stance, with inflation data in focus. U.S. stocks reached record highs after encouraging May inflation data and positive Fed commentary bolstered investor sentiment.

Market In Focus for today – Nasdaq 100

Nasdaq futures rose on Thursday, driven by gains in chip stocks, ahead of critical inflation and labour market data that could influence expectations of interest rate cuts from the Federal Reserve.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 19372.09 | Positive Crossover | Positive
  • MA 20: 19201.34 | Positive Crossover | Positive
  • MA 50: 18954.51 | Positive Crossover | Positive

Simple:

  • MA 5: 19303.73 | Positive Crossover | Positive
  • MA 20: 19168.44| Positive Crossover | Positive
  • MA 50: 18921.23 | Positive Crossover | Positive

RSI (Relative Strength Index): 79.51| Buy Zone| Bullish


Stochastic Oscillator: 99.98| Buy Zone | Neutral

Resistance And Support Levels:

  • R1: 19657.32 | R2: 19979.55
  • S1: 19153.13| S2: 18717.24


Overall Sentiment: Bullish | Market Direction: Buy


Trade Suggestion: Limit Buy: 19153.13 | Take Profit: 19657.57| Stop Loss: 18843.42.

S&P 500:

S&P 500 futures edge up after the index’s first-ever close above 5,400.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 5403.16 | Positive Crossover | Bullish
  • MA 20: 5377.07 | Positive Crossover | Bullish
  • MA 50: 5338.45 | Positive Crossover | Bullish

Simple:

  • MA 5: 5394.64 | Positive Crossover | Bullish
  • MA 20: 5373.97| Positive Crossover | Bullish
  • MA 50: 5330.01 | Positive Crossover | Bullish

RSI (Relative Strength Index): 71.02|Buy Zone | Positive


Stochastic Oscillator: 96.09 | Buy Zone | Positive

Resistance And Support Levels:

  • R1: 5451.00 | R2: 5530.70
  • S1: 5363.47| S2: 5273.36


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 opened lower on Thursday, influenced by caution after the Federal Reserve’s recent interest rate signal and the UK’s GDP reading on Wednesday.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 8210.02 | Positive Crossover | Bullish
  • MA 20: 8226.67 | Negative Crossover | Bearish
  • MA 50: 8257.46 | Negative Crossover | Bearish

Simple:

  • MA 5: 8204.07 | Positive Crossover | Bullish
  • MA 20: 8234.05| Negative Crossover | Bearish
  • MA 50: 8272.44 | Negative Crossover | Bearish

RSI (Relative Strength Index): 43.42|NeutralZone| Neutral


Stochastic Oscillator: 58.66| Buy 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 stock markets declined on Thursday as concerns grew over additional easing of monetary policy following a hawkish signal from the Federal Reserve.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 5012.17 | Negative Crossover | Bearish
  • MA 20: 5015.20 | Negative Crossover | Bearish
  • MA 50: 5019.47 | Negative Crossover | Bearish

Simple:

  • MA 5: 5005.04 | Negative Crossover | Bearish
  • MA 20: 5024.53| Negative Crossover | Bearish
  • MA 50: 5017.02 | Negative Crossover | Bearish

RSI (Relative Strength Index): 44.52| Neutral Zone| Neutral


Stochastic Oscillator: 53.31| Buy Zone | Neutral

Resistance And Support Levels:

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


Overall Sentiment: Neutral | Market Direction: Sell


Trade Suggestion: Sell Limit : 5030 | Take Profit: 4940| Stop Loss: 5095.


Elsewhere in the Indices Market:

Asian Shares Climb as US CPI Eases Hawkish Fed Impact.

The Shanghai composite is down at 0.28%. Overall, the Singapore MSCI up 0.50% to 311.65. Over in Hong Kong, the Hang Seng Index up 0.97% to 18,112.63. In Japan, the Nikkei 225 down 0.40% to 38,720.47, while the Topix index was down 0.89% to 2731.78. South Korea’s Kospi up 0.98% to 2,754.89. Australia S&P/ASX 200 up 0.44% to, 7,749.70.

European stocks pull back after hawkish Fed stance; inflation data remains in focus.

The DAX futures contract in Germany traded 1.05 lower, CAC 40 futures in France down 1.20% to 7,770.70 and the UK 100 futures contract in the U.K. down 0.43% to 8,180.56.

US stocks hit record highs as encouraging May inflation data and positive Fed commentary boosted investor sentiment.

U.S. stock futures were mixed early Thursday after the Federal Reserve maintained interest rates and indicated fewer cuts this year.

Indexes: Dow down 0.27%, S&P 500- up 0.85%, Nasdaq up 1.55%.

Corporate News:

Netflix, Inc. (NFLX) up 0.23% at 650.06, Tesla, Inc (TSLA) down 3.88% at 177.26, Apple Inc. (AAPL) up 2.86% at 213.07. Goldman Sachs Group Inc (GS) up 1.00% at 448.70, Morgan Stanley (MS) up 0.23% at 95.65.



Key Economic Events & Data Release Today:

(USD) FOMC Press Conference at 00:00.

(AUD) Employment Change (May) Forecast 30.5K, Previous 38.5K at 07:00.

(EUR) Industrial Production (MoM) (Apr) Forecast 0.1% Previous 0.6% at 14:30.

(USD) PPI (MoM) (May) Forecast 0.1%, Previous 0.5% at 18:00.

(USD) Initial Jobless Claims Forecast 225K, Previous 229K at 18:00.