. Daily Index Analysis - DOW rises, S&P 500 climbs, FTSE falters, DAX rebounds.

Daily Index Analysis – DOW rises, S&P 500 climbs, FTSE falters, DAX rebounds.

Daily Index Analysis – DOW rises, S&P 500 climbs, FTSE falters, DAX rebounds.

10 Jan 2024

Introduction:

In the broader indices market, Asian stocks faced declines after a lackluster Wall Street session, with mixed performances in major Asian markets. Meanwhile, European stocks followed suit, led lower by the mining and banking sectors. In the U.S., equities saw a modest dip as bond yields inched higher ahead of pivotal U.S. inflation data and the commencement of Q4 corporate earnings. Global investors remained watchful amidst market shifts and upcoming economic indicators.

Market In Focus for today – DOW JONES

The Dow Jones Industrial Average saw an increase on Wednesday. Investors on Wall Street were in anticipation of upcoming inflation data and quarterly earnings reports from major banks later in the week.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 37754.09 | Positive Crossover | Bullish
  • MA 20: 37758.65 | Positive Crossover | Bullish
  • MA 50: 37796.75 | Positive Crossover | Bullish

Simple:

  • MA 5: 37743.09 | Positive Crossover | Bullish
  • MA 20: 37758.80| Positive Crossover | Bullish
  • MA 50: 37796.73 | Negative Crossover | Bearish

RSI (Relative Strength Index): 51.54| Buy Zone| Bullish

Stochastic Oscillator: 57.42|Buy Zone | Positive

Resistance And Support Levels:

  • R1: 37806.31 | R2: 38110.50
  • S1: 37152.99| S2: 37295.72

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion: Stop Buy : 37871.50 | Take Profit: 38100.50| Stop Loss: 37730.27.

S&P 500:

S&P 500 retreat as yield edge up ahead of data, earnings.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 4787.52 | Positive Crossover | Bullish
  • MA 20: 4761.87 | Positive Crossover | Bullish
  • MA 50: 4788.54 | Positive Crossover | Bullish

Simple:

  • MA 5: 4787.22 | Positive Crossover | Bullish
  • MA 20: 4761.94| Positive Crossover | Bullish
  • MA 50: 4788.55| Positive Crossover | Bullish

RSI (Relative Strength Index): 58.51| Buy Zone| Bullish

Stochastic Oscillator: 89.84|Buy Zone | Neutral

Resistance And Support Levels:

  • R1: 4796.16 | R2: 4843.25
  • S1: 4734.20| S2: 4662.32

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion:  Limit Buy : 4754.02 | Take Profit: 4843.25| Stop Loss: 4697.02.

FTSE 100:

On Wednesday, European markets exhibited a mixed outcome, with the UK’s FTSE 100 Index experiencing a slight decline.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 7686.92 | Negative Crossover | Bearish
  • MA 20: 7700.59 | Negative Crossover | Bearish
  • MA 50: 7694.19 | Negative Crossover | Bearish

Simple:

  • MA 5: 7686.84 | Negative Crossover | Bearish
  • MA 20: 7700.95| Negative Crossover | Bearish
  • MA 50: 7694.32| Negative Crossover | Bearish

RSI (Relative Strength Index): 43.64| Neutral Zone| Neutral

Stochastic Oscillator: 4.58|Sell Zone | Negative

Resistance And Support Levels:

  • R1: 7720.1 | R2: 7777.7
  • S1: 7671.9| S2: 7594.2

Overall Sentiment: Bearish | Market Direction: Sell

Trade Suggestion:  Stop Sell : 7653.1 | Take Profit: 7594.2| Stop Loss: 7692.0.

DAX 40:

The DAX index witnessed a minor increase, supported by the recovery of Grifols following its recent decline triggered by allegations from Gotham City Research.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 16799.90 | Positive Crossover | Bullish
  • MA 20: 16768.35 | Positive Crossover | Bullish
  • MA 50: 16855.36 | Negative Crossover | Bearish

Simple:

  • MA 5: 16794.2 | Positive Crossover | Bullish
  • MA 20: 16768.4| Positive Crossover | Bullish
  • MA 50: 16855.38| Negative Crossover | Bearish

RSI (Relative Strength Index): 49.86| Buy Zone| Bullish

Stochastic Oscillator: 60.39|Buy Zone | Neutral

Resistance And Support Levels:

  • R1: 16840.9 | R2: 17146.6
  • S1: 16648.7| S2: 16395.4

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion:  Stop Buy : 16910.8 | Take Profit: 17146.6| Stop Loss: 16779.7.

Elsewhere in the Indices Market:

Asian stocks declined on Wednesday following a subdued performance on Wall Street.

The Shanghai composite is up at 0.20%. Overall, the Singapore MSCI down 0.68% to 279.15. Over in Hong Kong, the Hang Seng Index down 0.57% to 16,097.28. In Japan, the Nikkei 225 up 2.01% to 34,441.72, while the Topix index was up 1.30% to 2,444.48. South Korea’s Kospi down 0.75% to 2,561.24. Australia S&P/ASX 200 down 0.69% to, 7,468.50.

European stocks decline, with miners and banks leading the list of top decliners.

The DAX futures contract in Germany traded 0.01 lower, CAC 40 futures in France down 0.04% to 7,423.64 and the UK 100 futures contract in the U.K. down 0.32% to 7,659.35.

US Equities see a slight decline as bond yields edge higher in anticipation of upcoming U.S. inflation data and earnings reports.

On Tuesday, global stock indices experienced mostly downward movements, while Treasury yields saw a slight increase. Investors were preparing for crucial U.S. inflation data and the commencement of fourth-quarter corporate earnings.

Indexes: Dow up 0.42%, S&P 500- up 0.25%, Nasdaq up 0.09%.

Corporate News:

Netflix, Inc. (NFLX) down 0.42% at 480.06, Tesla, Inc (TSLA) down 0.82% at 232.92, Apple Inc. (AAPL) down 0.33% at 184.62. Goldman Sachs Group Inc (GS) down 0.83% at 380.56, Morgan Stanley (MS) down 0.38% at 91.71.

Key Economic Events & Data Release Today:

(GBP) BoE Gov Bailey Speaks at 20:45.

(USD) Crude Oil Inventories Forecast –0.675M, Previous –5.503M at 21:00.