. Daily Index Analysis - FTSE 100 and Euro Stoxx 50 Decline.

Daily Index Analysis – FTSE 100 and Euro Stoxx 50 Decline.

Daily Index Analysis – FTSE 100 and Euro Stoxx 50 Decline.

09 Jul 2024

Introduction:

Asian markets showed resilience with gains as anticipation of a dovish stance from Powell buoyed investor sentiment. Meanwhile, European stocks faced slight declines amidst political uncertainty in France. In the U.S., stock futures pointed higher following record closes for the S&P 500 and Nasdaq Composite.

Market In Focus for today – Dow Jones

The Dow Jones retreated amid Nike testing multi-year lows.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 39672.09 | Positive Crossover | Bullish
  • MA 20: 39633.34 | Positive Crossover | Bullish
  • MA 50: 39496.02 | Positive Crossover | Bullish

Simple:

  • MA 5: 39687.27 | Positive Crossover | Bullish
  • MA 20: 39622.65| Positive Crossover | Bullish
  • MA 50: 39532.16 | Positive Crossover | Bullish

RSI (Relative Strength Index): 53.53| Buy Zone| Bullish


Stochastic Oscillator: 46.53| Buy Zone | Negative

Resistance And Support Levels:

  • R1: 39780.48 | R2: 40204.00
  • S1: 39346.85| S2: 38893.00


Overall Sentiment: Bullish | Market Direction: Buy


Trade Suggestion: Limit Buy: 39578.81 | Take Profit: 40204.00| Stop Loss: 39246.05.

S&P 500:

S&P 500 Reaches Record Highs

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 5612.71 | Positive Crossover | Bullish
  • MA 20: 5591.27 | Positive Crossover | Bullish
  • MA 50: 5544.05 | Positive Crossover | Bullish

Simple:

  • MA 5: 5611.58 | Positive Crossover | Bullish
  • MA 20: 5580.58| Positive Crossover | Bullish
  • MA 50: 5556.02 | Positive Crossover | Bullish

RSI (Relative Strength Index): 72.62| Buy Zone | Bullish


Stochastic Oscillator: 95.66| Buy Zone | Neutral

Resistance And Support Levels:

  • R1: 5635.11 | R2: 5728.01
  • S1: 5511.05| S2: 5386.41


Overall Sentiment: Bullish| Market Direction: Positive


Trade Suggestion: Limit Buy : 5492.50 | Take Profit: 5630.41| Stop Loss: 5402.08.

FTSE 100:

The FTSE 100 has pulled back from its morning peaks and is currently trading below yesterday’s closing level.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 8201.37 | Negative Crossover | Bearish
  • MA 20: 8203.26 | Negative Crossover | Bearish
  • MA 50: 8212.39 | Negative Crossover | Bearish

Simple:

  • MA 5: 8220.55 | Negative Crossover | Bearish
  • MA 20: 8193.05| Negative Crossover | Bearish
  • MA 50: 8212.06 | Negative Crossover | Bearish

RSI (Relative Strength Index): 41.79| Neutral Zone| Neutral


Stochastic Oscillator: 42.91| Sell Zone | Negative

Resistance And Support Levels:

  • R1: 8277.0 | R2: 8433.1
  • S1: 8124.5| S2: 7897.7


Overall Sentiment: Neutral | Market Direction: Sell


Trade Suggestion: Stop Sell : 8139.4 | Take Profit: 7949.7| Stop Loss: 8280.7.

Euro Stoxx 50:

European stocks declined on Tuesday as investors assessed political uncertainty in France following the outcome of Sunday’s election.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 4963.64 | Negative Crossover | Bearish
  • MA 20: 4958.20 | Negative Crossover | Bearish
  • MA 50: 4951.09 | Negative Crossover | Bearish

Simple:

  • MA 5: 4978.09 | Negative Crossover | Bearish
  • MA 20: 4958.99| Negative Crossover | Bearish
  • MA 50: 4930.82 | Negative Crossover | Bearish

RSI (Relative Strength Index): 42.78| Neutral Zone| Neutral


Stochastic Oscillator: 41.57| Neutral Zone | Negative

Resistance And Support Levels:

  • R1: 5022 | R2: 5138
  • S1: 4912| S2: 4783


Overall Sentiment: Bearish| Market Direction: Sell


Trade Suggestion: Stop Sell : 4888 | Take Profit: 4780| Stop Loss: 4968


Elsewhere in the Indices Market:

Asian shares edge higher as markets anticipate a dovish stance from Powell.

The Shanghai composite is up at 1.26%. Overall, the Singapore MSCI up 0.65% to 323.30. Over in Hong Kong, the Hang Seng Index down 0.00% to 17,523.23. In Japan, the Nikkei 225 up 1.96% to 41,580.17, while the Topix index was up 0.97% to 2895.55. South Korea’s Kospi up 0.34% to 2,867.38. Australia S&P/ASX 200 up 0.86% to, 7,829.70.

European stocks edge down slightly as French political uncertainty weighs.

The DAX futures contract in Germany traded down 0.44, CAC 40 futures in France down 0.83% to 7,563.89 and the UK 100 futures contract in the U.K. down 0.17% to 8,179.25.

Stock futures rise as S&P 500 and Nasdaq close at new record highs.

U.S. stock futures edged up slightly on Tuesday, aiming to build on the record-setting performances of the S&P 500 and Nasdaq Composite from the previous session.

Indexes: Dow up 0.6%, S&P 500- up 0.3%, Nasdaq up 0.06%.

Corporate News:

Netflix, Inc. (NFLX) down 0.71% at 685.74, Tesla, Inc (TSLA) up 0.56% at 252.94, Apple Inc. (AAPL) up 0.65% at 227.82. Goldman Sachs Group Inc (GS) up 0.15% at 464.82, Morgan Stanley (MS) up 1.00% at 100.59.



Key Economic Events & Data Release Today:

(USD) Fed Chair Powell Testifies at 10:00.

(NZD) RBNZ Interest Rate Decision Forecast 5.50%, Previous 5.50% at 22:00.

(NZD) RBNZ Rate Statement at 22:00.