. Daily Index Analysis - FTSE 100 hits record above 8,200.

Daily Index Analysis – FTSE 100 hits record above 8,200.

Daily Index Analysis – FTSE 100 hits record above 8,200.

03 May 2024

Introduction:

In the broader indices market, Asian shares saw an uptick on Friday ahead of the US jobs report. Notable movements include Hong Kong’s Hang Seng Index rising by 1.48%, while Japan’s Nikkei 225 dipped slightly. European markets rebounded, contrasting a week dominated by corporate earnings. Meanwhile, Wall Street closed positively amid a dovish stance by the Federal Reserve, with focus shifting to the upcoming jobs report.

Market In Focus for today – Dow Jones

Dow futures surge by 300 points following Apple’s report, as traders prepare for the release of April payrolls data.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 38410.76 | Positive Crossover | Bullish
  • MA 20: 38380.59 | Positive Crossover | Bullish
  • MA 50: 38487.39 | Positive Crossover | Bullish

Simple:

  • MA 5: 38280.01 | Positive Crossover | Bullish
  • MA 20: 38360.08| Positive Crossover | Bullish
  • MA 50: 38332.00 | Positive Crossover | Bullish

RSI (Relative Strength Index): 59.33| Bullish Zone| Positive


Stochastic Oscillator: 98.61| Buying Zone | Positive

Resistance And Support Levels:

  • R1: 38738.59 | R2: 39457.44
  • S1: 38213.27| S2: 37508.25


Overall Sentiment: Bullish | Market Direction: Buy


Trade Suggestion: Stop Buy: 38837.77 | Take Profit: 39458.86| Stop Loss: 38492.72.

S&P 500:

S&P 500 takes relief from 2-day losses, as worries over rate hikes are dispelled by the US Fed’s Powell.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 5094.42 | Positive Crossover | Bullish
  • MA 20: 5096.59 | Positive Crossover | Bullish
  • MA 50: 5114.95 | Negative Crossover | Bearish

Simple:

  • MA 5: 5082.62 | Positive Crossover | Bullish
  • MA 20: 5104.18| Positive Crossover | Bullish
  • MA 50: 5097.78 | Positive Crossover | Bullish

RSI (Relative Strength Index): 52.72 | Neutral Zone| Neutral


Stochastic Oscillator: 70.15| Buy Zone | Positive

Resistance And Support Levels:

  • R1: 5127.75 | R2: 5212.36
  • S1: 5056.15| S2: 4979.67


Overall Sentiment: Neutral | Market Direction: Buy


Trade Suggestion:  Stop Buy : 5147.27 | Take Profit: 5212.36| Stop Loss: 5109.85.

FTSE 100:

FTSE 100 index hits record above 8,200.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 8187.59 | Positive Crossover | Bullish
  • MA 20: 8153.54 | Positive Crossover | Bullish
  • MA 50: 8071.57 | Positive Crossover | Bullish

Simple:

  • MA 5: 8178.91 | Positive Crossover | Bullish
  • MA 20: 8161.72| Positive Crossover | Bullish
  • MA 50: 8040.68 | Positive Crossover | Bullish

RSI (Relative Strength Index): 68.04| Buy Zone| Bullish


Stochastic Oscillator: 67.84| Positive Zone | Positive

Resistance And Support Levels:

  • R1: 8270.1 | R2: 8399.8
  • S1: 8134.5| S2: 8019.5


Overall Sentiment: Bullish | Market Direction: Buy


Trade Suggestion:  Buy Limit : 8229.2 | Take Profit: 8264.5| Stop Loss: 8207.6.

Euro Stoxx 50:

After a mostly dismal week driven by corporate earnings, European markets finished higher. The U.S. Federal Reserve’s most recent monetary policy meeting has also taken the stage this week.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 4940.85 | Positive Crossover | Bullish
  • MA 20: 4955.58 | Negative Crossover | Bearish
  • MA 50: 4973.58 | Negative Crossover | Bearish

Simple:

  • MA 5: 4944.04 | Positive Crossover | Bullish
  • MA 20: 4971.65| Negative Crossover | Bearish
  • MA 50: 4968.62 | Negative Crossover | Bearish

RSI (Relative Strength Index): 45.17| Neutral Zone| Neutral


Stochastic Oscillator: 20.24| Negative Zone | Neutral

Resistance And Support Levels:

  • R1: 5011 | R2: 5142
  • S1: 4876| S2: 4748


Overall Sentiment: Bearish | Market Direction: Sell


Trade Suggestion:  Stop Sell : 4931 | Take Profit: 4827| Stop Loss: 5016.


Elsewhere in the Indices Market:


Asian shares saw gains on Friday ahead of a report on the U.S. jobs market.

The Shanghai composite is down at 0.26%. Overall, the Singapore MSCI down 0.15% to 303.00. Over in Hong Kong, the Hang Seng Index up 1.48% to 18,475.92. In Japan, the Nikkei 225 down 0.10% to 38,236.07, while the Topix index was down 0.03% to 2728.53. South Korea’s Kospi down 0.26% to 2,676.63. Australia S&P/ASX 200 down 0.03% to, 7,634.0.

European stock markets saw gains on Friday, marking the end of a predominantly negative week driven by corporate earnings.

The DAX futures contract in Germany traded 0.44 higher, CAC 40 futures in France up 0.58% to 7,960.53 and the UK 100 futures contract in the U.K. up 0.42% to 8,206.88.

Wall Street closed with gains after the Federal Reserve indicated a dovish stance, jobs report eyed.

US stocks surged on Thursday as investors assessed the Federal Reserve’s unexpectedly dovish interest rate outlook from Wednesday alongside a variety of mixed earnings and economic indicators.

Indexes: Dow up 0.85%, S&P 500-up 0.91%, Nasdaq up 1.51%.


Corporate News:

Netflix, Inc. (NFLX) down 0.27% at 565.15, Tesla, Inc (TSLA) up 0.01% at 180.01, Apple Inc. (AAPL) up 2.20% at 173.03. Goldman Sachs Group Inc (GS) up 1.32% at 432.57, Morgan Stanley (MS) up 1.21% at 92.65.



Key Economic Events & Data Release Today:

(GBP) Composite PMI (Apr) Forecast 54.0, Previous 52.8 at 14:00.

(GBP) Service PMI (Apr) Forecast 54.9, Previous 53.1 at 14:00.

(USD) Average Hourly Earnings (MoM) (Apr) Forecast 0.3%, Previous 0.3% at 18:00.

(USD) Unemployment Rate (Apr) Forecast 3.8%, Previous 3.8% at 18:00.

(USD) Nonfarm Payrolls (Apr) Forecast 238K, Previous 303K at 18:00.

(USD) ISM Non-Manufacturing PMI (Apr) Forecast 52.0, Previous 51.4 at 19:30.