. Daily Index Analysis - FTSE 100 Surges in One-Month High Amid Inflation Dip.

Daily Index Analysis – FTSE 100 Surges in One-Month High Amid Inflation Dip.

Daily Index Analysis – FTSE 100 Surges in One-Month High Amid Inflation Dip.

16 Nov 2023

Introduction:

In the world of indices, In the global indices market update, Asian stocks face a decline amidst rising yields and persistent concerns over China’s property market. Meanwhile, European markets retreated slightly after recent advances. On Wall Street, stocks see modest gains fuelled by eased inflation concerns and an optimistic forecast from Target (TGT.N).

Market In Focus for today – FTSE 100

European stocks reach a more than one-month high amid decreasing inflation. Britain’s FTSE 100 rose 0.6%.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 7463.67 | Negative Crossover | Bearish
  • MA 20: 7435.28 | Positive Crossover | Bullish
  • MA 50: 7431.14 | Positive Crossover | Bullish

Simple:

  • MA 5: 7473.09 | Negative Crossover | Bearish
  • MA 20: 7424.09| Positive Crossover | Bullish
  • MA 50: 7399.33 | Positive Crossover | Bullish

RSI (Relative Strength Index): 54.71| Buy Zone| Bullish

Stochastic Oscillator: 62.32 | Buy Zone | Negative

Resistance And Support Levels:

  • R1: 7483.9 | R2: 7606.3
  • S1: 7399.2| S2: 7310.7

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion: Stop Buy : 7510.2 | Take Profit: 7606.3| Stop Loss: 7453.8.

Elsewhere in the Indices Market

Asian stocks experience a decline as yields increase, China property woes persist.

The Shanghai composite is down at 0.71%. Overall, the Singapore MSCI up 0.71% to 276.40. Over in Hong Kong, the Hang Seng Index down 1.36% to 17,832.82. In Japan, the Nikkei 225 down 0.28% to 33,424.41, while the Topix index was down 0.19% to 2,368.62. South Korea’s Kospi up 0.06% to 2,486.67. Australia S&P/ASX 200 down 0.67% to, 7,058.40.

European edge lower after recent gains.

The DAX futures contract in Germany traded 0.45 higher, CAC 40 futures in France down 0.26% to 7,190.66 and the UK 100 futures contract in the U.K. down 0.33% to 7,461.89.

Wall St gains on easing inflation, Target’s upbeat forecast.

On Wednesday, U.S. stocks concluded with marginal gains, buoyed by renewed investor optimism about the Federal Reserve concluding interest rate hikes, supported by favourable inflation data. Additionally, a positive outlook from Target (TGT.N) bolstered retail stocks.

Indexes: Dow up 0.47%, S&P 500- up 0.16%, Nasdaq up 0.07%.

Corporate News:

Amazon.com, Inc. (AMZN) down 1.78% at 143.20, Walt Disney Co (DIS) up 3.14% at 93.93, Apple Inc. (AAPL) up 0.30% at 188.01. Goldman Sachs Group Inc (GS) down 0.33% at 337.60, Morgan Stanley (MS) up 1.75% at 79.68.

Key Economic Events & Data Release Today:

(AUD) Employment Change (Oct) Actual 55.0K, Forecast 20.0K, Previous 6.7K at 06:00.

(EUR) ECB President Lagarde Speaks at 17:00.

(USD) Initial Jobless Claims Forecast 220K, Previous 217K at 19:00.

(USD) Philadelphia Fed Manufacturing Index (Nov) Forecast –9.0, Previous –9.0 at 19:00.