. Daily Index Analysis - Dow Up, S&P Slips, FTSE Flat.

Daily Index Analysis – Dow Up, S&P Slips, FTSE Flat.

Daily Index Analysis – Dow Up, S&P Slips, FTSE Flat.

24 Jun 2024

Introduction:

Asian shares mostly declined on Monday, following a strong finish for U.S. stocks last week. European markets edged higher in anticipation of new economic data. Meanwhile, U.S. stocks traded mixed, hovering near record highs as investors looked ahead to key inflation data for rate insights.

Market In Focus for today – Dow Jones

Dow futures inch up as the market approaches the final week of June near record highs.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 39483.98 | Positive Crossover | Positive
  • MA 20: 39335.34 | Positive Crossover | Positive
  • MA 50: 39150.51 | Positive Crossover | Positive

Simple:

  • MA 5: 39471.8 | Positive Crossover | Positive
  • MA 20: 39301.6| Positive Crossover | Positive
  • MA 50: 39015.19 | Positive Crossover | Positive

RSI (Relative Strength Index): 68.65| Buy Zone| Bullish


Stochastic Oscillator: 80.41| Buy Zone | Neutral

Resistance And Support Levels:

  • R1: 39855.20 | R2: 40291.41
  • S1: 39387.07| S2: 38961.49


Overall Sentiment: Bullish | Market Direction: Buy


Trade Suggestion: Limit Buy: 39376.43 | Take Profit: 39844.56| Stop Loss: 39089.16.

S&P 500:

S&P 500 declines due to weakness in Nvidia.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 5540.16 | Negative Crossover | Bearish
  • MA 20: 5522.07 | Positive Crossover | Bullish
  • MA 50: 5453.45 | Positive Crossover | Bullish

Simple:

  • MA 5: 5549.64 | Negative Crossover | Bearish
  • MA 20: 5536.97| Positive Crossover | Bullish
  • MA 50: 5430.01 | Positive Crossover | Bullish

RSI (Relative Strength Index): 61.55|Buy Zone | Positive


Stochastic Oscillator: 37.96 | Sell Zone | Negative

Resistance And Support Levels:

  • R1: 5584.80 | R2: 5657.40
  • S1: 5482.71| S2: 5328.89


Overall Sentiment: Bullish| Market Direction: Buy


Trade Suggestion: Buy Limit : 5439.61 | Take Profit: 5557.58| Stop Loss: 5380.62.

FTSE 100:

London’s FTSE 100 remained flat on Monday as investors exercised caution ahead of key U.S. inflation data.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 8240.13 | Positive Crossover | Bullish
  • MA 20: 8227.85 | Positive Crossover | Bullish
  • MA 50: 8234.62 | Positive Crossover | Bullish

Simple:

  • MA 5: 8243.12 | Positive Crossover | Bullish
  • MA 20: 8211.97| Positive Crossover | Bullish
  • MA 50: 8232.02 | Positive Crossover | Bearish

RSI (Relative Strength Index): 59.01| Buy Zone| Bullish


Stochastic Oscillator: 68.3| Buy Zone | Neutral

Resistance And Support Levels:

  • R1: 8295.6 | R2: 8451.7
  • S1: 8150.5| S2: 8020.4


Overall Sentiment: Neutral | Market Direction: Sell


Trade Suggestion: Sell Limit : 8314.2 | Take Profit: 8451.7| Stop Loss: 8217.5.

Euro Stoxx 50:

European stocks were positive on Monday as investors anticipated new economic data and upcoming interest rate decisions from the region.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 4920.81 | Positive Crossover | Bullish
  • MA 20: 4925.20 | Positive Crossover | Bullish
  • MA 50: 4956.47 | Negative Crossover | Bearish

Simple:

  • MA 5: 4916.04 | Positive Crossover | Bullish
  • MA 20: 4903.53| Positive Crossover | Bullish
  • MA 50: 4970.02 | Negative Crossover | Bearish

RSI (Relative Strength Index): 52.15| Bullish Zone| Positive


Stochastic Oscillator: 67.67| Buy Zone | Neutral

Resistance And Support Levels:

  • R1: 4950 | R2: 5071
  • S1: 4870| S2: 4793


Overall Sentiment: Neutral | Market Direction: Buy


Trade Suggestion: Stop Buy : 4955 | Take Profit: 5071| Stop Loss: 4891.


Elsewhere in the Indices Market:

Asian shares mostly declined on Monday following a strong finish for US stocks at the close of their latest winning week on Friday.

The Shanghai composite is down at 1.17%. Overall, the Singapore MSCI up 1.00% to 314.32. Over in Hong Kong, the Hang Seng Index down 0.01% to 18,027.71. In Japan, the Nikkei 225 up 0.54% to 38,804.65, while the Topix index was up 0.57% to 2740.19. South Korea’s Kospi down 0.70% to 2,764.73. Australia S&P/ASX 200 down 0.80% to, 7,733.70.

European markets edged higher as investors anticipate new economic data.

The DAX futures contract in Germany traded 0.64 higher, CAC 40 futures in France up 0.90% to 7,697.24 and the UK 100 futures contract in the U.K. up 0.51% to 8,279.71.

US stocks mixed as tight trading ranges persist ahead of inflation cues.

U.S. stocks traded mixed on Monday, hovering near record highs as investors anticipated key inflation data this week for further insights on interest rates.

Indexes: Dow up 0.66%, S&P 500- up 0.34%, Nasdaq up 0.08%.

Corporate News:

Netflix, Inc. (NFLX) up 1.04% at 686.12, Tesla, Inc (TSLA) up 0.79% at 183.01, Apple Inc. (AAPL) down 1.04% at 207.49. Goldman Sachs Group Inc (GS) down 1.72% at 450.18, Morgan Stanley (MS) down 1.31% at 96.16.



Key Economic Events & Data Release Today:

(EUR) German Ifo Business Climate Index (Jun) Forecast 89.4, Previous 89.3 at 13:30.

(EUR) Eurogroup Meetings at 20:30.