. Daily Index Analysis - Asian stocks fall and European rise.

Daily Index Analysis – Asian stocks fall and European rise.

Daily Index Analysis – Asian stocks fall and European rise.

08 Jul 2024

Introduction:

Asian stocks decline amid China trade concerns, with major indices down. European markets rise following a snap French election. U.S. stock futures dip slightly as investors focus on Powell’s testimony and upcoming CPI data for interest rate cues.

Market In Focus for today – Nasdaq 100

NASDAQ 100 Continues to Attract Buyers.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 20473.19 | Positive Crossover | Bullish
  • MA 20: 20338.34 | Positive Crossover | Bullish
  • MA 50: 20066.02 | Positive Crossover | Bullish

Simple:

  • MA 5: 20483.69 | Positive Crossover | Bullish
  • MA 20: 20269.09| Positive Crossover | Bullish
  • MA 50: 20136.43 | Positive Crossover | Bullish

RSI (Relative Strength Index): 75.86| Buy Zone| Bullish


Stochastic Oscillator: 99.64| Buy Zone | Neutral

Resistance And Support Levels:

  • R1: 20637.32 | R2: 21005.79
  • S1: 20268.85| S2: 19728.70


Overall Sentiment: Bullish | Market Direction: Buy


Trade Suggestion: Stop Sell: 20158.31 | Take Profit: 20661.88| Stop Loss: 19826.99.

S&P 500:

S&P 500 Reaches Record Highs

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 5595.24 | Positive Crossover | Bullish
  • MA 20: 5576.87 | Positive Crossover | Bullish
  • MA 50: 5432.05 | Positive Crossover | Bullish

Simple:

  • MA 5: 5595.58 | Positive Crossover | Bullish
  • MA 20: 5566.58| Positive Crossover | Bullish
  • MA 50: 5548.02 | Positive Crossover | Bullish

RSI (Relative Strength Index): 72.22| Buy Zone | Bullish


Stochastic Oscillator: 98.37| Buy Zone | Neutral

Resistance And Support Levels:

  • R1: 5630.11 | R2: 5728.01
  • S1: 5511.05| S2: 5386.41


Overall Sentiment: Bullish| Market Direction: Positive


Trade Suggestion: Limit Buy : 5492.50 | Take Profit: 5630.41| Stop Loss: 5402.08.

FTSE 100:

FTSE 100 edged up on Monday as markets responded to a surprising victory for the left in the parliamentary election.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 8214.79 | Positive Crossover | Bullish
  • MA 20: 8204.18 | Positive Crossover | Bullish
  • MA 50: 8215.30 | Positive Crossover | Bullish

Simple:

  • MA 5: 8217.58 | Positive Crossover | Bullish
  • MA 20: 8193.97| Positive Crossover | Bullish
  • MA 50: 8211.06 | Positive Crossover | Bullish

RSI (Relative Strength Index): 53.75| Buy Zone| Bullish


Stochastic Oscillator: 56.73| Buy Zone | Negative

Resistance And Support Levels:

  • R1: 8277.0 | R2: 8433.1
  • S1: 8124.5| S2: 7897.7


Overall Sentiment: Neutral | Market Direction: Sell


Trade Suggestion: Stop Sell : 8161.7 | Take Profit: 8009.2| Stop Loss: 8277.0.

DAX 40:

DAX 40 Stalls Below Two-Week High.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 18452.06 | Positive Crossover | Bullish
  • MA 20: 18380.20 | Positive Crossover | Bullish
  • MA 50: 18330.10 | Positive Crossover | Bullish

Simple:

  • MA 5: 18460.99 | Positive Crossover | Bullish
  • MA 20: 18352.99| Positive Crossover | Bullish
  • MA 50: 18230.00 | Positive Crossover | Bullish

RSI (Relative Strength Index): 62.47| Buy Zone| Bullish


Stochastic Oscillator: 72.65| Buy Zone | Negative

Resistance And Support Levels:

  • R1: 18660.3 | R2: 18927.6
  • S1: 18281.6| S2: 17910.06


Overall Sentiment: Neutral | Market Direction: Buy


Trade Suggestion: Limit Buy : 18375.5 | Take Profit: 18789.6| Stop Loss: 18151.8


Elsewhere in the Indices Market:

Asian stocks decline as concerns over China’s trade risks continue.

The Shanghai composite is down at 0.93%. Overall, the Singapore MSCI down 0.22% to 320.85. Over in Hong Kong, the Hang Seng Index down 1.55% to 17,524.06. In Japan, the Nikkei 225 down 0.32% to 40,780.70, while the Topix index was down 0.57% to 2867.61. South Korea’s Kospi down 0.16% to 2,857.76. Australia S&P/ASX 200 down 0.76% to, 7,763.20.

European markets rise following snap French election.

The DAX futures contract in Germany traded up 0.36, CAC 40 futures in France up 0.24% to 7,693.72 and the UK 100 futures contract in the U.K. up 0.30% to 8,228.17.

US stock futures dip slightly as Powell’s testimony and CPI data draw attention.

U.S. stock index futures edged down slightly on Monday as investors awaited testimony from Federal Reserve Chair Jerome Powell and key inflation data for further insights on interest rates this week.

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

Corporate News:

Netflix, Inc. (NFLX) up 1.19% at 690.65, Tesla, Inc (TSLA) up 2.08% at 251.52, Apple Inc. (AAPL) up 2.16% at 226.34. Goldman Sachs Group Inc (GS) down 0.68% at 464.75, Morgan Stanley (MS) down 0.61% at 99.59.



Key Economic Events & Data Release Today:

(EUR) Eurogroup Meetings at 06:00.

(AUD) NAB Business Confidence (Jun) Previous -3 at 21:30.