. Daily Index Analysis - Expert Analysis on Indices

Daily Index Analysis – Expert Analysis on Indices

Daily Index Analysis – Expert Analysis on Indices

28 May 2024


Introduction:

Asian stocks hold steady ahead of key inflation data, with mixed performance across major indices. European markets decline amid volatility, while U.S. futures edge up as traders return from a holiday. The release of the Federal Reserve’s preferred inflation measure later in the week is a key focus.

Market In Focus for today – Nasdaq 100

NASDAQ 100 Remains Positive Despite Post-Holiday Trading.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 18875.04 | Positive Crossover | Bullish
  • MA 20: 18813.92 | Positive Crossover | Bullish
  • MA 50: 18594.86 | Positive Crossover | Bullish

Simple:

  • MA 5: 18875.48 | Positive Crossover | Bullish
  • MA 20: 18832.97| Positive Crossover | Bullish
  • MA 50: 18577.46 | Positive Crossover | Bullish

RSI (Relative Strength Index): 62.78| Bullish Zone| Positive


Stochastic Oscillator: 40.01| Neutral Zone | Neutral

Resistance And Support Levels:

  • R1: 19010.09 | R2: 19309.55
  • S1: 18710.64| S2: 18345.67


Overall Sentiment: Bullish | Market Direction: Buy


Trade Suggestion: Buy Limit: 18607.70 | Take Profit: 19010.09| Stop Loss: 18383.11.

S&P 500:

S&P 500 Continues to Strengthen Case for Higher Prices.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 5323.95 | Positive Crossover | Bullish
  • MA 20: 5320.32 | Positive Crossover | Bullish
  • MA 50: 5288.13 | Positive Crossover | Bullish

Simple:

  • MA 5: 5317.75 | Positive Crossover | Bullish
  • MA 20: 5326.58| Positive Crossover | Bullish
  • MA 50: 5295.55 | Positive Crossover | Bullish

RSI (Relative Strength Index): 55.4| Buy Zone| Bullish


Stochastic Oscillator: 43.15 | Neutral Zone | Positive

Resistance And Support Levels:

  • R1: 5363.84 | R2: 5425.69
  • S1: 5298.90| S2: 5227.78


Overall Sentiment: Bullish| Market Direction: Buy


Trade Suggestion:  Buy Limit : 5263.34 | Take Profit: 5363.84| Stop Loss: 5201.50.

FTSE 100:

The FTSE 100 dips, heading for its longest streak of daily declines since August 2023.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 8329.27 | Negative Crossover | Bearish
  • MA 20: 8354.33 | Negative Crossover | Bearish
  • MA 50: 8328.37 | Negative Crossover | Bearish

Simple:

  • MA 5: 8327.69 | Negative Crossover | Bearish
  • MA 20: 8372.07| Negative Crossover | Bearish
  • MA 50: 8369.68 | Negative Crossover | Bearish

RSI (Relative Strength Index): 38.19| Selling Zone| Bearish


Stochastic Oscillator: 35.25| Selling Zone | Positive

Resistance And Support Levels:

  • R1: 8366.8 | R2: 8489.0
  • S1: 8225.5| S2: 8053.6


Overall Sentiment: Neutral | Market Direction: Sell


Trade Suggestion:  Sell Limit : 8370.6 | Take Profit: 8206.4| Stop Loss: 8485.2.

Euro Stoxx 50:

European markets fell on Tuesday in a mixed trading day following a quiet session on Monday.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 5027.71 | Negative Crossover | Bearish
  • MA 20: 5039.14 | Negative Crossover | Bearish
  • MA 50: 5035.83 | Positive Crossover | Bullish

Simple:

  • MA 5: 5035.05 | Negative Crossover | Bearish
  • MA 20: 5043.65| Negative Crossover | Bearish
  • MA 50: 5048.00 | Positive Crossover | Bullish

RSI (Relative Strength Index): 48.25| Positive Zone| Bullish


Stochastic Oscillator: 86.7| Positive Zone | Positive

Resistance And Support Levels:

  • R1: 5093 | R2: 5141
  • S1: 4991| S2: 4906


Overall Sentiment: Neutral | Market Direction: Sell


Trade Suggestion:  Sell Limit : 5055 | Take Profit: 4968| Stop Loss: 5114.


Elsewhere in the Indices Market:


Asian stocks hold steady in anticipation of upcoming inflation data.

The Shanghai composite is down at 0.46%. Overall, the Singapore MSCI up 0.03% to 310.98. Over in Hong Kong, the Hang Seng Index down 0.03% to 18,821.16. In Japan, the Nikkei 225 down 0.11% to 38,855.37, while the Topix index was up 0.08% to 2768.50. South Korea’s Kospi down 0.01% to 2,722.85. Australia S&P/ASX 200 down 0.28% to, 7,766.70.

European markets decline amid a volatile session.

The DAX futures contract in Germany traded 0.01 higher, CAC 40 futures in France down 0.53% to 8,089.61 and the UK 100 futures contract in the U.K. down 0.25% to 8,296.94.

U.S. futures edge up as consumer confidence survey approaches.

U.S. stock futures rise as traders return following Monday’s public holiday. This week’s economic calendar is highlighted by the upcoming release of the Federal Reserve’s preferred inflation measure.

Indexes: Dow up 0.1%, S&P 500- up 0.2%, Nasdaq up 0.3%.


Corporate News:

Netflix, Inc. (NFLX) up 1.74% at 646.75, Tesla, Inc (TSLA) up 3.17% at 179.24, Apple Inc. (AAPL) up 1.66% at 189.98. Goldman Sachs Group Inc (GS) up 0.66% at 461.18, Morgan Stanley (MS) up 0.051% at 98.97.



Key Economic Events & Data Release Today:

(AUD) Retail Sales (MoM) (Apr) Forecast –0.3%, Previous –0.4% at 07:00.

(USD) CB Consumer Confidence (May) Forecast 96.0, Previous 97.0 at 19:30.