. Daily Index Analysis - FTSE 100 Leads Strong European Market Rebound

Daily Index Analysis – FTSE 100 Leads Strong European Market Rebound

Daily Index Analysis – FTSE 100 Leads Strong European Market Rebound

30 Oct 2023

Introduction:

In the global indices market, the landscape is diverse as Asia grapples with anticipation of Japan’s BOJ decision. Meanwhile, European shares are on the rise, benefiting from a retreat in bond yields. In the United States, Wall Street concluded a week filled with earnings reports, resulting in a mixed performance as investors continue to navigate the implications of persistent elevated interest rates.

Market In Focus for today – FTSE 100

European markets commenced the week with robust performance, driven by a decline in bond yields. Investors were evaluating significant inflation figures, and Siemens Energy stocks maintained their rebound amid ongoing discussions regarding project-related assurances.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 7318.78 | Negative Crossover | Bearish
  • MA 20: 7385.98 | Negative Crossover | Bearish
  • MA 50: 7463.13 | Negative Crossover | Bearish

Simple:

  • MA 5: 7320.80 | Negative Crossover | Bearish
  • MA 20: 7370.69| Negative Crossover | Bearish
  • MA 50: 7504.09 | Negative Crossover | Bearish

RSI (Relative Strength Index): 35.76| Selling Zone| Bearish

Stochastic Oscillator: 52.45 | Buy Zone | Negative

Resistance And Support Levels:

  • R1: 7383.6 | R2: 7509.7
  • S1: 7276.1| S2: 7103.3

Overall Sentiment: Bearish | Market Direction: Sell

Trade Suggestion: Stop Sell : 7234.1 | Take Profit: 7103.3| Stop Loss: 7336.9.

Elsewhere in the Indices Market

Asia Markets mixed ahead of Japan`s BOJ decision.

The Shanghai composite is up at 0.99%. Overall, the Singapore MSCI up 0.12% to 271.27. Over in Hong Kong, the Hang Seng Index up 2.08% to 17,398.73. In Japan, the Nikkei 225 up 1.27% to 30,991.69, while the Topix index was down 1.04% to 2,231.24. South Korea’s Kospi up 0.16% to 2,302.81. Australia S&P/ASX 200 down 0.79% to, 6,772.90.

European shares rise as bond yield retreat.

The DAX futures contract in Germany traded 0.51 higher, CAC 40 futures in France up 0.60% to 6,836.39 and the UK 100 futures contract in the U.K. up 0.72% to 7,344.03.

Wall St ends mixed at close of earnings –packed week.

At the end of the week, U.S. stock markets saw predominantly negative closures, with investors grappling with a turbulent week marked by varied earnings reports and economic data reinforcing the notion of sustained elevated interest rates.

Indexes: Dow down 1.12%, S&P 500- down 0.48%, Nasdaq up 0.38%.

Corporate News:

Amazon.com, Inc. (AMZN) up 6.83% at 127.74, Tesla Inc. (TSLA) up 0.75% at 207.30, Walmart Inc. (WMT) down 0.37% at 161.17. Goldman Sachs Group Inc (GS) down 2.38% at 289.91, Morgan Stanley (MS) down 2.32% at 70.40.

Key Economic Events & Data Release Today:

(AUD) Retail Sales (MoM) (Sep) Actual 0.9%, Forecast 0.3%, Previous 0.2% at 06:00.

(EUR) German GDP (QoQ) (Q3) Forecast –0.3%, Previous 0.0% at 14:30.

(EUR) German CPI (MoM) (Oct) Forecast 0.2%, Previous 0.3% at 18:30.

(EUR) ECB`s De Guindos Speaks at 18:30.