. Daily Index Analysis - Dow, S&P Drop; FTSE Up, Europe Falls.

Daily Index Analysis – Dow, S&P Drop; FTSE Up, Europe Falls.

Daily Index Analysis – Dow, S&P Drop; FTSE Up, Europe Falls.

13 Apr 2024

Introduction:

In the indices market, Asia’s stocks mostly decline after a rebound in Wall Street fuelled by tech giants. The Shanghai composite is down 0.18%, while Singapore’s MSCI drops 1.39%. European stocks close lower following the European Central Bank’s unchanged interest rates. Meanwhile, Wall Street ends with notable losses, driven by disappointing bank results amidst inflation worries and geopolitical tensions.

Market In Focus for the Next Week – Dow Jones

The Dow Jones Industrial Average extends its decline, led by losses in banks and large-cap companies.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 38626.36 | Negative Crossover | Bearish
  • MA 20: 38877.25 | Negative Crossover | Bearish
  • MA 50: 39204.49 | Negative Crossover | Bearish

Simple:

  • MA 5: 38665.85 | Negative Crossover | Bearish
  • MA 20: 38936.42| Negative Crossover | Bearish
  • MA 50: 39461.56 | Negative Crossover | Bearish

RSI (Relative Strength Index): 20.26| Sell Zone| Bearish


Stochastic Oscillator: 1.17| Sell Zone | Neutral

Resistance And Support Levels:

  • R1: 39165.90 | R2: 40288.64
  • S1: 38088.07| S2: 37257.20


Overall Sentiment: Bearish | Market Direction: Sell


Trade Suggestion: Limit Sell : 38851.53 | Take Profit: 38065.62| Stop Loss: 39345.54.

S&P 500:

S&P 500 falls again on weak bank earnings.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 5207.61 | Negative Crossover | Bearish
  • MA 20: 5225.42 | Negative Crossover | Bearish
  • MA 50: 5237.09 | Negative Crossover | Bearish

Simple:

  • MA 5: 5209.98 | Negative Crossover | Bearish
  • MA 20: 5229.00| Negative Crossover | Bearish
  • MA 50: 5263.38| Negative Crossover | Bearish

RSI (Relative Strength Index): 34.73| Bearish Zone| Negative


Stochastic Oscillator: 11.73|Sell Zone | Negative

Resistance And Support Levels:

  • R1: 5242.82 | R2: 5330.73
  • S1: 5140.59| S2: 5048.59


Overall Sentiment: Bearish | Market Direction: Sell


Trade Suggestion:  Limit Buy : 5197.84 | Take Profit: 5071.08| Stop Loss: 5275.53.

FTSE 100:

The FTSE 100 index of Britain starts the day near a record closing peak on Friday, boosted by surging commodity prices that drive up mining and oil stocks.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 7970.07 | Negative Crossover | Bearish
  • MA 20: 7961.36 | Negative Crossover | Bearish
  • MA 50: 7916.88 | Positive Crossover | Bullish

Simple:

  • MA 5: 7973.99 | Negative Crossover | Bearish
  • MA 20: 7957.47| Negative Crossover | Bearish
  • MA 50: 7727.16| Positive Crossover | Bullish

RSI (Relative Strength Index): 48.49| Buying Zone| Buy


Stochastic Oscillator: 39.66|Sell Zone | Neutral

Resistance And Support Levels:

  • R1: 7950.2 | R2: 8037.1
  • S1: 7872.1| S2: 7779.4


Overall Sentiment: Neutral | Market Direction: Buy


Trade Suggestion:   Limit Buy: 7912.2 | Take Profit: 7999.6| Stop Loss: 7873.4.

DAX 40:

On Friday, Europe’s stock index dropped to its lowest level in more than two weeks, primarily due to a broader market downturn, with the DAX 40 experiencing declines.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 18092.63 | Negative Crossover | Bearish
  • MA 20: 18172.05 | Negative Crossover | Bearish
  • MA 50: 18184.62 | Negative Crossover | Bearish

Simple:

  • MA 5: 18100.45 | Negative Crossover | Bearish
  • MA 20: 18198.46| Negative Crossover | Bearish
  • MA 50: 18282.95| Negative Crossover | Bearish

RSI (Relative Strength Index): 29.26| Negative Zone| Bearish


Stochastic Oscillator: 5.98|Sell Zone | Negative

Resistance And Support Levels:

  • R1: 18222.2 | R2: 18601.4
  • S1: 17827.9| S2: 17403.3


Overall Sentiment: Bearish | Market Direction: Sell


Trade Suggestion:  Limit Sell : 18161.6 | Take Profit: 17805.2| Stop Loss: 18381.5.


Elsewhere in the Indices Market

Most of Asia’s stock markets are in decline following a rebound in Wall Street, driven by leading technology companies.

The Shanghai composite is down at 0.18%. Overall, the Singapore MSCI down 1.39% to 288.30. Over in Hong Kong, the Hang Seng Index down 2.18% to 16,721.69. In Japan, the Nikkei 225 up 0.21% to 39,523.55, while the Topix index was up 0.46% to 2759.64. South Korea’s Kospi down 0.93% to 2,681.82. Australia S&P/ASX 200 down 0.33% to, 7,788.10.

European stocks ended the session with losses following the European Central Bank’s decision to keep interest rates unchanged.

The DAX futures contract in Germany traded 0.13 lower, CAC 40 futures in France down 0.16% to 8,010.83 and the UK 100 futures contract in the U.K. up 0.91% to 7,995.58.

Wall Street concludes the session with significant losses due to a combination of mixed earnings reports, persistent inflation concerns, and geopolitical tensions.

On Friday, U.S. stocks experienced a sell-off as the results from major U.S. banks fell short of expectations. This occurred amidst a week characterized by significant inflation data, shifting expectations regarding U.S. Federal Reserve policy, and growing geopolitical concerns.

Indexes: Dow down 1.24%, S&P 500- down 1.46%, Nasdaq down 1.62%.


Corporate News:

Tesla (TSLA) down 2.03% at 171.05, Apple (AAPL) up at 0.86% at 176.55, Morgan Stanley (MS) down at 0.75% at 86.19. JPMorgan Chase & Co (JPM) down 6.47% at 182.79, Goldman Sachs Group Inc, (GS) down 2.01% at 389.49.

Key Economic Events & Data Release for Upcoming Week:

(USD) Retail Sales (MoM) (Mar) (Monday)

(USD) Core Retail Sales (MoM) (Mar) (Monday)

(CNY) Industrial Production (YoY)(Mar) (Tuesday)

(CNY) GDP (YoY) (Q1) (Tuesday)

(GBP) Average Earnings Index + Bonus (Feb) (Tuesday)

(CAD) Core CPI (MoM) (Mar) (Tuesday)

(USD) Building Permits (Tuesday)

(NZD) CPI (QoQ) (Q1) (Wednesday)

(GBP) CPI (YoY) (Mar) (Wednesday)

(EUR) CPI (YoY) (Mar) (Wednesday)

(GBP) BoE Gov Bailey Speaks at (Wednesday)

(AUD) Employment Change (Mar) (Thursday)