. Daily Index Analysis - Dow Futures Decline.

Daily Index Analysis – Dow Futures Decline.

Daily Index Analysis – Dow Futures Decline.

09 May 2024


Introduction:

Across global indices, Asian markets exhibit a mixed trend following subdued trading on Wall Street for the second consecutive day. Notably, the Shanghai composite shows an uptick of 0.83%, while the Hang Seng Index in Hong Kong experiences a decline of 1.22%. Meanwhile, European stocks see varied movements as the Bank of England maintains interest rates. U.S. stock futures also decline as investors analyse earnings reports amidst a quieter week for macroeconomic data.

Market In Focus for today – Dow Jones

Dow futures decline following the index’s sixth consecutive day of gains.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 39015.30 | Positive Crossover | Bullish
  • MA 20: 38860.14 | Positive Crossover | Bullish
  • MA 50: 38705.03 | Positive Crossover | Bullish

Simple:

  • MA 5: 39043.52 | Positive Crossover | Bullish
  • MA 20: 38782.65| Positive Crossover | Bullish
  • MA 50: 38513.01 | Positive Crossover | Bullish

RSI (Relative Strength Index): 65.48| Bullish Zone| Positive


Stochastic Oscillator: 71.48| Buying Zone | Negative

Resistance And Support Levels:

  • R1: 39481.06 | R2: 40126.51
  • S1: 38792.59| S2: 38204.52


Overall Sentiment: Bullish | Market Direction: Buy


Trade Suggestion: Buy Limit: 38878.65 | Take Profit: 39481.06| Stop Loss: 38505.73.

S&P 500:

The S&P 500 aims for upward momentum.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 5204.05 | Positive Crossover | Bullish
  • MA 20: 5156.89 | Positive Crossover | Bullish
  • MA 50: 5111.99 | Positive Crossover | Bullish

Simple:

  • MA 5: 5195.62 | Positive Crossover | Bullish
  • MA 20: 5172.04| Positive Crossover | Bullish
  • MA 50: 5148.76 | Positive Crossover | Bullish

RSI (Relative Strength Index): 65.02 | Bullish Zone| Positive


Stochastic Oscillator: 71.43| Buy Zone | Negative

Resistance And Support Levels:

  • R1: 5242.66 | R2: 5332.77
  • S1: 5126.18| S2: 5033.88


Overall Sentiment: Bullish | Market Direction: Buy


Trade Suggestion:  Buy Limit : 5165.23 | Take Profit: 5261.17| Stop Loss: 5108.22.

FTSE 100:

London’s FTSE 100 reaches a fresh peak following indications from the Bank of England signalling potential rate reductions.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 8329.26 | Positive Crossover | Bullish
  • MA 20: 8270.21 | Positive Crossover | Bullish
  • MA 50: 8154.27 | Positive Crossover | Bullish

Simple:

  • MA 5: 8333.14 | Positive Crossover | Bullish
  • MA 20: 8251.79| Positive Crossover | Bullish
  • MA 50: 8107.26 | Positive Crossover | Bullish

RSI (Relative Strength Index): 76.35| Buy Zone| Bullish


Stochastic Oscillator: 95.22| Positive Zone | Neutral

Resistance And Support Levels:

  • R1: 8399.5 | R2: 8485.4
  • S1: 8214.8| S2: 8062.3


Overall Sentiment: Bullish | Market Direction: Buy


Trade Suggestion:  Buy Limit : 8262.4 | Take Profit: 8390.7| Stop Loss: 8177.9.

Euro Stoxx 50:

European markets displayed a mixed performance on Thursday, as positive momentum waned amid a busy earnings week.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 5018.41 | Positive Crossover | Bullish
  • MA 20: 4998.58 | Positive Crossover | Bullish
  • MA 50: 4987.24 | Positive Crossover | Bullish

Simple:

  • MA 5: 5019.60 | Positive Crossover | Bullish
  • MA 20: 4974.35| Positive Crossover | Bullish
  • MA 50: 4971.07 | Positive Crossover | Bullish

RSI (Relative Strength Index): 63.13| Bullish Zone| Positive


Stochastic Oscillator: 88.02| Buy Zone | Negative

Resistance And Support Levels:

  • R1: 5044 | R2: 5139
  • S1: 4936| S2: 4825


Overall Sentiment: Bullish | Market Direction: Buy


Trade Suggestion:  Buy Limit : 4990 | Take Profit: 5104| Stop Loss: 4927.


Elsewhere in the Indices Market:


Asian markets display a mixed performance following the second consecutive day of subdued trading on Wall Street.

The Shanghai composite is up at 0.83%. Overall, the Singapore MSCI up 0.79% to 303.98. Over in Hong Kong, the Hang Seng Index down 1.22% to 18,537.81. In Japan, the Nikkei 225 down 0.34% to 38,073.98, while the Topix index was up 0.26% to 2713.46. South Korea’s Kospi down 1.20% to 2,712.14. Australia S&P/ASX 200 down 1.06% to, 7,721.60.

European stocks as the Bank of England maintains interest rates.

The DAX futures contract in Germany traded 0.74 higher, CAC 40 futures in France up 0.27% to 8,153.38 and the UK 100 futures contract in the U.K. up 0.32% to 8,380.52.

U.S. stock futures decline as investors assess earnings reports.

On Thursday, U.S. stock markets were poised to open lower as investors process additional earnings reports during a week with fewer macroeconomic data releases.

Indexes: Dow down 0.19%, S&P 500-0.00%, Nasdaq down 0.18%.


Corporate News:

Netflix, Inc. (NFLX) up 0.57% at 609.47, Tesla, Inc (TSLA) down 0.22% at 175.37, Apple Inc. (AAPL) up 1.42% at 182.82. Goldman Sachs Group Inc (GS) up 0.71% at 446.95, Morgan Stanley (MS) up 0.01% at 95.64.



Key Economic Events & Data Release Today:

(GBP) BoE MPC Meeting Minutes at 16:30.

(GBP) Interest Rate Decision (Apr) Forecast 5.25%, Previous 5.25% at 16:30.

(GBP) BoE Gov Bailey Speaks at 17:00.

(USD) Initial Jobless Claims Forecast 1790K, Previous 1774K at 18:00.

(GBP) Boe Gov Bailey Speaks at 18:45.