. Daily Index Analysis - FTSE 100 Slips, Euro Stoxx 50 Pulls Back.

Daily Index Analysis – FTSE 100 Slips, Euro Stoxx 50 Pulls Back.

Daily Index Analysis – FTSE 100 Slips, Euro Stoxx 50 Pulls Back.

07 Jun 2024

Introduction:

Stock markets show mixed reactions ahead of US jobs data. Asian markets are a mixed bag, with some gaining and others losing ground. European markets dip in anticipation of the data release. US futures decline sharply after a stronger-than-expected jobs report raises interest rate worries.

Market In Focus for today – Nasdaq 100

Nasdaq 100 at new record High.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 18960.04 | Positive Crossover | Bullish
  • MA 20: 18873.25 | Positive Crossover | Bullish
  • MA 50: 18737.08 | Positive Crossover | Bullish

Simple:

  • MA 5: 18933.32 | Positive Crossover | Bullish
  • MA 20: 18783.96| Positive Crossover | Bullish
  • MA 50: 18791.89 | Positive Crossover | Bearish

RSI (Relative Strength Index): 61.77| Bullish Zone| Positive


Stochastic Oscillator: 84.43| Buy Zone | Negative

Resistance And Support Levels:

  • R1: 19126.53 | R2: 19358.94
  • S1: 18957.50| S2: 18682.84


Overall Sentiment: Bullish | Market Direction: Buy


Trade Suggestion: Limit Buy: 18781.44 | Take Profit: 19126.53| Stop Loss: 18584.24.

S&P 500:

The S&P 500 breaks above 5,340, signalling a fresh rally for the bull market.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 5341.06 | Negative Crossover | Bearish
  • MA 20: 5326.28 | Positive Crossover | Bullish
  • MA 50: 5305.78 | Positive Crossover | Bullish

Simple:

  • MA 5: 5338.12 | Positive Crossover | Bullish
  • MA 20: 5311.13| Positive Crossover | Bullish
  • MA 50: 5316.79 | Positive Crossover | Bullish

RSI (Relative Strength Index): 54.23|Buy Zone | Positive


Stochastic Oscillator: 75.15 | Buy Zone | Positive

Resistance And Support Levels:

  • R1: 5374.15 | R2: 5453.54
  • S1: 5283.10| S2: 5192.04


Overall Sentiment: Bullish| Market Direction: Buy


Trade Suggestion: Buy Limit : 5266.75 | Take Profit: 5376.49| Stop Loss: 5206.05.

FTSE 100:

The FTSE 100 edges lower on Friday.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 8271.68 | Negative Crossover | Bearish
  • MA 20: 8277.21 | Negative Crossover | Bearish
  • MA 50: 8289.13 | Negative Crossover | Bearish

Simple:

  • MA 5: 8273.24 | Negative Crossover | Bearish
  • MA 20: 8268.58| Negative Crossover | Bearish
  • MA 50: 8327.68 | Negative Crossover | Bearish

RSI (Relative Strength Index): 41.75| Neutral Zone| Neutral


Stochastic Oscillator: 38.29| Sell Zone | Negative

Resistance And Support Levels:

  • R1: 8362.5 | R2: 8485.2
  • S1: 8161.1| S2: 8020.4


Overall Sentiment: Neutral | Market Direction: Sell


Trade Suggestion: Sell Limit : 8336.5 | Take Profit: 8169.1| Stop Loss: 8470.3.

Euro Stoxx 50:

European markets pull back on Friday after reaching an all-time high on Thursday.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 5040.27 | Negative Crossover | Bearish
  • MA 20: 5029.52 | Negative Crossover | Bearish
  • MA 50: 5025.53 | Positive Crossover | Bearish

Simple:

  • MA 5: 5033.2 | Positive Crossover | Bullish
  • MA 20: 5014.4| Positive Crossover | Bullish
  • MA 50: 5030.96 | Negative Crossover | Bearish

RSI (Relative Strength Index): 51.65| Bullish Zone| Positive


Stochastic Oscillator: 84.41| Positive Zone | Negative

Resistance And Support Levels:

  • R1: 5079 | R2: 5146
  • S1: 4991| S2: 4901


Overall Sentiment: Neutral | Market Direction: Buy


Trade Suggestion: Buy Limit : 4989 | Take Profit: 5110| Stop Loss: 4922.


Elsewhere in the Indices Market:


Asian markets mixed as investors wait for US jobs data.

The Shanghai composite is up at 0.08%. Overall, the Singapore MSCI down 0.32% to 309.65. Over in Hong Kong, the Hang Seng Index down 0.59% to 18,366.95. In Japan, the Nikkei 225 down 0.05% to 38,683.93, while the Topix index was down 0.80% to 2755.03. South Korea’s Kospi up 1.23% to 2,722.67. Australia S&P/ASX 200 up 0.49% to, 7,860.00.

European stocks dip ahead of key US jobs data release.

The DAX futures contract in Germany traded 0.91 lower, CAC 40 futures in France down 0.89% to 7,968.48 and the UK 100 futures contract in the U.K. lower 0.54% to 8,240.79.

US futures decline as stronger-than-anticipated jobs report pushes yields higher.

Stock futures dropped on Friday after an unexpectedly strong May jobs report drove yields higher, diminishing expectations of an imminent interest rate cut by the Federal Reserve.

Indexes: Dow down 0.39%, S&P 500- down 0.02%, Nasdaq down 0.09%.

Corporate News:

Netflix, Inc. (NFLX) down 0.27% at 648.52, Tesla, Inc (TSLA) up 1.68% at 177.94, Apple Inc. (AAPL) down 0.71% at 194.48. Goldman Sachs Group Inc (GS) down 0.78% at 458.10, Morgan Stanley (MS) up 0.23% at 96.85.



Key Economic Events & Data Release Today:

(EUR) GDP (QoQ) (Q1) Forecast 0.3%, Previous 0.0% at 14:30.

(USD) Average Hourly Earnings (MoM) (May) Forecast 0.3% Previous 0.2% at 18:00.

(USD) Nonfarm Payrolls (May) Forecast 182K, Previous 175K at 18:00.

(USD) Unemployment Rate (May) Forecast 3.9%, Previous 3.9% at 18:00.

(CAD) Employment Change (May) Forecast 24.8K, Previous 90.4K at 18:00.

(EUR) ECB President Lagarde Speaks at 19:45.