Daily Index Analysis – European Stocks Plunge, Oracle Shocks Wall Street.
13 Sep 2023
In the world of global indices, market sentiments are mixed and cautious. Asian stocks exhibit a varied landscape as traders eagerly await crucial US Consumer Price Index (CPI) data. Meanwhile, European shares face a decline, primarily influenced by SAP’s performance, as investors brace themselves for U.S. economic data and insights from the ECB. On Wall Street, Oracle’s substantial tumble, exacerbated by concerns over rising oil prices, leaves a mark, casting a shadow over equities as anticipation builds ahead of significant inflation reports. As tech equities decline, Nasdaq ends down 1%, driving markets lower.
NASDAQ 100 TECHNICAL OVERVIEW:
- MA 5: 15326.09 | Negative Crossover | Bearish
- MA 20: 15363.39 | Negative Crossover | Bearish
- MA 50: 15333.67 | Negative Crossover | Bearish
- MA 5: 15353.09 | Negative Crossover | Bearish
- MA 20: 15370.55| Negative Crossover | Bearish
- MA 50: 15320.63 | Negative Crossover | Bearish
RSI (Relative Strength Index): 42.22 | Neutral Zone | Neutral
Stochastic Oscillator: 31.49 | Sell Zone | Negative
Resistance And Support Levels :
- R1: 15489.62 | R2: 15676.90
- S1: 15206.18 | S2: 14872.12
Overall Sentiment: Bearish | Market Direction: Sell
Trade Suggestion: Stop Sell: 15089.76 | Take Profit: 14872.12 | Stop Loss: 15256.79
Elsewhere in the Indices Market
Asian stocks are mixed as traders await US CPI data.
The Shanghai composite is down at 0.45%. Overall, the Singapore MSCI was up 0.58% to 283.05. Over in Hong Kong, the Hang Seng Index is down by 0.09% to 18,009.22. In Japan, the Nikkei 225 was down 0.21% to 32,706.52, while the Topix index was down 0.53% to 2,378.64. South Korea’s Kospi down 0.79% to 2,536.58. Australia S&P/ASX 200 is down 0.74% to, 7,153.90.
European shares fall as SAP drags, investors await U.S. data, ECB.
The DAX futures contract in Germany traded 0.48% lower, CAC 40 futures in France down 0.39% to 7,224.85, and the UK 100 futures contract in the U.K. down 0.04% to 7,524.18.
Wall Street ends lower as Oracle tumbles on weak forecast.
On Tuesday, Wall Street equities ended lower as Oracle shares fell more than 13% after a poor outlook and rising oil costs heightened concerns about ongoing pricing pressures ahead of this week’s important inflation readings.
Indexes: Dow down 0.05%, S&P 500 down 0.57%, Nasdaq down 1.04%.
Tesla (TSLA) down 2.23% at 267.48, Apple Inc (AAPL) is down at 1.71% at 176.30, and Netflix Inc (NFLX) is down at 2.40% at 434.69. JPMorgan Chase & Co (JPM) up 1.30% at 146.34, Walt Disney Co (DIS) up 1.41% at 83.68.
Key Economic Events & Data Release Today:
(GBP) GDP (YoY) (Jul) Actual 0.0%, Forecast 0.4%, Previous 0.9% at 11:30.
(GBP) GDP (MoM) (Jul) Actual –0.5%, Forecast –0.2%, Previous 0.5% at 11:30.
(GBP) Manufacturing Production (MoM) (Jul) Actual –0.8%, Forecast –1.0%, Previous 2.4% at 11:30
(EUR) Industrial Production (MoM) (Jul) Forecast –0.7%, Previous 0.5% at 14:30.
(USD) Core CPI (MoM) (Aug) Forecast 0.2%, Previous 0.2% at 18:00.
(USD) CPI (MoM) (Aug) Forecast 0.6%, Previous 0.2% at 18:00.