. Daily Index Analysis - Explore market turmoil, global economic events.

Daily Index Analysis – Explore market turmoil, global economic events.

Daily Index Analysis – Explore market turmoil, global economic events.

14 Mar 2024

Introduction:

In the dynamic world of the Indices Market, Asian shares exhibit a mixed performance as investors closely monitor central bank actions. While some indices experience slight declines, others soar. Meanwhile, European markets reflect modest gains ahead of a crucial U.S. inflation data release. In the U.S., stock futures edge higher in anticipation of the forthcoming inflation report, shaping the tone for Wall Street’s trading day.

Market In Focus for today – Dow Jones

Amidst a mixed performance across other indexes, the Dow Jones sees gains during the midweek session.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 39008.09 | Positive Crossover | Bullish
  • MA 20: 38935.30 | Positive Crossover | Bullish
  • MA 50: 38871.46 | Positive Crossover | Bullish

Simple:

  • MA 5: 38960.82 | Positive Crossover | Bullish
  • MA 20: 38860.07| Positive Crossover | Bullish
  • MA 50: 38948.08 | Positive Crossover | Bullish

RSI (Relative Strength Index): 68.05| Buying Zone| Buy

Stochastic Oscillator: 100.00| Buy Zone | Neutral

Resistance And Support Levels:

  • R1: 39270.33 | R2: 39873.82
  • S1: 38568.58| S2: 38049.29

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion: Limit Buy: 38610.69 | Take Profit: 39158.05| Stop Loss: 38259.82.

S&P 500:

The record-setting run of the S&P 500 comes to a temporary halt as stocks of several tech giants retreat.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 5163.94 | Positive Crossover | Bullish
  • MA 20: 5149.01 | Positive Crossover | Bullish
  • MA 50: 5112.06 | Positive Crossover | Bullish

Simple:

  • MA 5: 5157.28 | Positive Crossover | Bullish
  • MA 20: 5145.95| Positive Crossover | Bullish
  • MA 50: 5117.27 | Positive Crossover | Bullish

RSI (Relative Strength Index): 65.72| Bullish Zone| Positive

Stochastic Oscillator: 76.52| Bullish Zone | Neutral

Resistance And Support Levels:

  • R1: 5171.09 | R2: 5247.24
  • S1: 5057.96| S2: 4933.95

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion:  Limit Buy: 5104.82 | Take Profit: 5192.52| Stop Loss: 5056.58.

FTSE 100:

FTSE 100 flat as European markets hit record highs on rate cut hopes.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 7758.15 | Positive Crossover | Bullish
  • MA 20: 7731.04 | Positive Crossover | Bullish
  • MA 50: 7698.80 | Positive Crossover | Bullish

Simple:

  • MA 5: 7694.99 | Positive Crossover | Bullish
  • MA 20: 7679.19| Positive Crossover | Bullish
  • MA 50: 7688.36| Positive Crossover | Bullish

RSI (Relative Strength Index): 61.92| Buy Zone| Positive

Stochastic Oscillator: 86.07| Buy Zone | Negative

Resistance And Support Levels:

  • R1: 7778.8 | R2: 7884.7
  • S1: 7689.6| S2: 7604.1

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion: StopBuy: 7751.6 | Take Profit: 7805.2| Stop Loss: 7724.0.

EURO STOXX 50:

At the Thursday open, European markets saw a slight uptick, as investors remained vigilant for another crucial U.S. inflation reading for February.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 5000.12 | Positive Crossover | Bullish
  • MA 20: 4974.70 | Positive Crossover | Bullish
  • MA 50: 4914.05| Positive Crossover | Bullish

Simple:

  • MA 5: 4991.00| Positive Crossover | Bullish
  • MA 20: 4971.52| Positive Crossover | Bullish
  • MA 50: 4918.24| Positive Crossover | Bullish

RSI (Relative Strength Index): 70.84| Buy Zone| Bullish

Stochastic Oscillator: 76.07|Buy Zone | Positive

Resistance And Support Levels:

  • R1: 5046 | R2: 5142
  • S1: 4916| S2: 4800

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion:  Limit Buy: 4939 | Take Profit: 5046 | Stop Loss: 4869.

Elsewhere in the Indices Market:

Asian shares trade mixed as investors look to central banks.

The Shanghai composite is down at 0.18%. Overall, the Singapore MSCI is up 1.50% to 293.70. Over in Hong Kong, the Hang Seng Index down 0.71% to 16,961.66. In Japan, the Nikkei 225 was up 0.29% to 38,807.38, while the Topix index was up 0.49% to 2661.59. South Korea’s Kospi up 0.94% to 2,718.76. Australia S&P/ASX 200 is down 0.20% to, 7,713.60.

European markets show marginal gains in anticipation of another significant U.S. inflation data release.

The DAX futures contract in Germany traded 0.35 higher, CAC 40 futures in France up 0.89% to 8,209.84, and the UK 100 futures contract in the U.K. down 0.03% to 7,769.90.

U.S. Stock futures climb as Wall Street anticipates the release of another inflation report.

U.S. stock futures rose Thursday as traders anticipated another inflation reading.

Indexes: Dow up 0.03%, S&P 500- up 0.3%, Nasdaq up 0.5%.

Corporate News:

Netflix, Inc. (NFLX) is down 0.27% at 609.45, Tesla, Inc. (TSLA) down 4.54% at 169.48, and Apple Inc. (AAPL) down 1.21% at 171.13. Goldman Sachs Group Inc (GS) is up 1.06% at 392.31, and Morgan Stanley (MS) is down 2.64% at 89.35.

Key Economic Events & Data Release Today:

(USD) Retail Sales (MoM) (Feb) Forecast 0.8%, Previous –0.8% at 08:30.

(USD) Core Retail Sales (MoM) (Feb) Forecast 0.5%, Previous –0.6% at 08:30.

(USD) PPI (MoM) (Feb) Forecast 0.3%, Previous 0.3% at 08:30.

(CAD) Manufacturing Sales (MoM) (Jan) Forecast 0.3%, Previous –0.7% at 09:30.

(USD) Initial Jobless Claims Forecast 218K, Previous 217K at 08:30.