. Daily Index Analysis - FTSE 100 Losses Continue, Energy Stocks Offer Hope

Daily Index Analysis – FTSE 100 Losses Continue, Energy Stocks Offer Hope

Daily Index Analysis – FTSE 100 Losses Continue, Energy Stocks Offer Hope

28 Sep 2023

Introduction:

In the diverse landscape of global indices, Asia’s markets displayed a mixed picture as oil prices and Treasury yields made significant moves. Meanwhile, European markets continued their downward trajectory, with a keen eye on Germany’s inflation data. In the United States, stock markets exhibited minimal changes, with investors carefully navigating the impact of rising yields and uncertainty surrounding interest rates. Today’s indices market reflects a delicate balance between various global factors.

Market In Focus for today – FTSE 100

In choppy trading on Thursday, European equities declined for a sixth straight day, with advances in energy companies containing losses while investors anticipated inflation data from Germany, the euro zone’s biggest economy.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

MA 5: 7595.25 | Negative Crossover | Bearish

MA 20: 7626.98 | Negative Crossover | Bearish

MA 50: 7595.29 | Negative Crossover | Bearish

Simple:

MA 5: 76020.8 | Negative Crossover | Bearish

MA 20: 7647.96| Negative Crossover | Bearish

MA 50: 7591.61 | Negative Crossover | Bearish

RSI (Relative Strength Index): 40.02 | Neutral Zone | Neutral

Stochastic Oscillator: 0 | Sell Zone | Negative

Resistance And Support Levels:

R1: 7674.4 | R2: 7808.8

S1: 7559.9 | S2: 7405.6

Overall Sentiment: Bearish | Market Direction: Sell

Trade Suggestion: Stop Sell: 7507.7 | Take Profit: 7405.6 | Stop Loss: 7484.8.

Elsewhere in the Indices Market

Asia Markets mixed as oil and Treasury yields climbed.

The Shanghai composite is up at 0.10%. Overall, the Singapore MSCI is up 1.07% to 283.02. Over in Hong Kong, the Hang Seng Index is down by 1.36% to 17,373.03. In Japan, the Nikkei 225 was down 1.54% to 31,872.52, while the Topix index was up 1.43% to 2,345.51. South Korea’s Kospi up 0.09% to 2,465.07. Australia S&P/ASX 200 is down 0.08% to, 7,024.80.

European markets declined for the sixth day in a row; attention is focused on Germany’s inflation data.

The DAX futures contract in Germany traded 0.11 higher, CAC 40 futures in France up 0.37% to 7,098.09 and the UK 100 futures contract in the U.K. down 0.20% to 7,578.09.

As investors consider rising yields, US Socks end little changed.

US stocks eked out a fractional gain on Wednesday after a see-saw session, as investors weighed whether to start bargain hunting following a sell-off fuelled by elevated Treasury yields and uncertainty about the path ahead for interest rates.

Indexes down: Dow 0.02%, S&P 500- 0.02%, Nasdaq 0.22%.

Corporate News:

Walt Disney Co (DIS) is down 0.17% at 79.90, Walmart Inc. (WMT) down 0.48% at 161.72, and Amazon.com, Inc. (AMZN) is down at 1.40% at 124.21. JPMorgan Chase & Co (JPM) up 0.59% at 145.78, and Morgan Stanley (MS) down 0.63% at 81.65.

Key Economic Events & Data Release Today:

(AUD) Retail Sales (MoM) (Aug) Actual 0.2%, Forecast 0.3%, Previous –0.8% at 07:00.

(EUR) German CPI (MoM) (Sep) Forecast 0.3%, Previous 0.3% at 17:30.

(USD) GDP (QoQ) (Q2) Forecast 2.1%, Previous 4.1% at 18:00

(USD) Initial Jobless Claims Forecast 215K, Previous 201K at 18:00.

(USD) Pending Home Sales (MoM) (Aug) Forecast –0.8%, Previous 0.9% at 19:30.