. Daily Index Analysis - Asian, European stocks fluctuate amid US inflation.

Daily Index Analysis – Asian, European stocks fluctuate amid US inflation.

Daily Index Analysis – Asian, European stocks fluctuate amid US inflation.

13 Mar 2024

Introduction:

Asian stocks surge to significant highs despite concerns over US inflation. While some indices in Asia see slight declines, others like Singapore’s MSCI and South Korea’s Kospi rise notably. In Europe, stocks dip as investors digest US inflation data, contrasting with the UK’s economic rebound. US futures remain stable as investors await key economic data, including producer prices and retail sales figures, influencing Federal Reserve decisions.

Market In Focus for today – Nasdaq 100

Nasdaq 100 Rallies Despite Higher Rates.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 18137.76 | Positive Crossover | Bullish
  • MA 20: 18105.09 | Positive Crossover | Bullish
  • MA 50: 18038.59 | Positive Crossover | Bullish

Simple:

  • MA 5: 18084.92 | Positive Crossover | Bullish
  • MA 20: 18105.32| Positive Crossover | Bullish
  • MA 50: 18037.98 | Positive Crossover | Bullish

RSI (Relative Strength Index): 57.05| Buying Zone| Buy

Stochastic Oscillator: 68.07| Buy Zone | Positive

Resistance And Support Levels:

  • R1: 18359.06 | R2: 18737.36
  • S1: 17961.85| S2: 17498.44

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion: Limit Buy: 17914.56 | Take Profit: 18359.06| Stop Loss: 17649.76.

S&P 500:

The S&P 500 index reached a historic peak as investors-maintained optimism about potential interest rate reductions.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 5153.07 | Positive Crossover | Bullish
  • MA 20: 5139.53 | Positive Crossover | Bullish
  • MA 50: 5104.00 | Positive Crossover | Bullish

Simple:

  • MA 5: 5143.38 | Positive Crossover | Bullish
  • MA 20: 5134.45| Positive Crossover | Bullish
  • MA 50: 5106.30 | Positive Crossover | Bullish

RSI (Relative Strength Index): 65.05| Bullish Zone| Positive

Stochastic Oscillator: 79.39| Bullish Zone | Positive

Resistance And Support Levels:

  • R1: 5171.09 | R2: 5247.24
  • S1: 5057.96| S2: 4933.95

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion:  Limit Buy: 5066.56 | Take Profit: 5175.34| Stop Loss: 5003.57.

FTSE 100:

The FTSE 100 inches up as the UK economy rebounds, signaling a return to growth.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 7733.93 | Positive Crossover | Bullish
  • MA 20: 7710.99 | Positive Crossover | Bullish
  • MA 50: 7687.12 | Positive Crossover | Bullish

Simple:

  • MA 5: 7694.99 | Positive Crossover | Bullish
  • MA 20: 7679.19| Positive Crossover | Bullish
  • MA 50: 7688.36| Positive Crossover | Bullish

RSI (Relative Strength Index): 63.89| Buy Zone| Positive

Stochastic Oscillator: 98.00| Buy Zone | Positive

Resistance And Support Levels:

  • R1: 7778.8 | R2: 7884.7
  • S1: 7689.6| S2: 7604.1

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion: StopBuy: 7789.9 | Take Profit: 7901.5| Stop Loss: 7726.7.

DAX 40:

Eurozone data releases and discussions within the European Central Bank (ECB) will influence the outlook for the DAX.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 17892.45 | Positive Crossover | Bullish
  • MA 20: 17827.77 | Positive Crossover | Bullish
  • MA 50: 17645.47| Positive Crossover | Bullish

Simple:

  • MA 5: 17852.13| Positive Crossover | Bullish
  • MA 20: 17818.52| Positive Crossover | Bullish
  • MA 50: 17636.82| Positive Crossover | Bullish

RSI (Relative Strength Index): 67.99| Buy Zone| Bullish

Stochastic Oscillator: 77.54|Buy Zone | Positive

Resistance And Support Levels:

  • R1: 18012.7 | R2: 18339.8
  • S1: 17634.6| S2: 17263.46

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion:  Limit Buy: 17561.9 | Take Profit: 17932.7 | Stop Loss: 17358.4.

Elsewhere in the Indices Market:

Asian stocks surge beyond US inflation concerns to reach a significant milestone high.

The Shanghai composite is down at 0.40%. Overall, the Singapore MSCI up 0.95% to 288.98. Over in Hong Kong, the Hang Seng Index is down 0.07% to 17,082.11. In Japan, the Nikkei 225 was down 0.26% to 38,695.97, while the Topix index was down 0.33% to 2648.51. South Korea’s Kospi up 0.44% to 2,693.57. Australia S&P/ASX 200 is up 0.22% to, 7,729.40.

European stocks decline as investors process U.S. inflation data, while the UK economy rebounds, marking a return to growth.

The DAX futures contract in Germany traded 0.13 higher, CAC 40 futures in France up 0.49% to 8,127.40 and the UK 100 futures contract in the U.K. up 0.13% to 7,757.77.

U.S. Futures remain stable as investors prepare for further economic data.

On Wednesday, U.S. stock index futures showed minimal movement as investors anticipated a range of economic data releases throughout the week. These include figures on producer prices and retail sales, which will offer insights into the Federal Reserve’s approach to potential interest rate adjustments.

Indexes: Dow up 0.06%, S&P 500- up 1.1%, Nasdaq up 1.5%.

Corporate News:

Netflix, Inc. (NFLX) is up 1.69% at 611.08, Tesla, Inc. (TSLA) is down 0.13% at 177.54, and Apple Inc. (AAPL) is up 0.48% at 173.23. Goldman Sachs Group Inc (GS) up 0.52% at 388.18, Morgan Stanley (MS) up 0.13% at 87.05.

Key Economic Events & Data Release Today:

(GBP) Manufacturing Production (MoM) (Jan) Forecast 0.0%, Previous 0.8% at 12:30.

(GBP) GDP (YoY) (Jan) Forecast –0.3%, Previous 0.0% at 12:30.

(GBP) GDP (MoM) (Jan) Forecast 0.2%, Previous –0.1% at 12:30.

(EUR) Industrial Production (MoM) (Jan) Forecast –1.8%, Previous 2.6% at 06:00.

(USD) Crude Oil Inventories Forecast 0.900M, Previous 1.367M at 10:30.