. Daily Index Analysis - Global indices defy expectations amid uncertainty.

Daily Index Analysis – Global indices defy expectations amid uncertainty.

Daily Index Analysis – Global indices defy expectations amid uncertainty.

26 Apr 2024

Introduction:

In the global indices market, Asian benchmarks show mixed results amidst US economic concerns, with gains in Shanghai and Hong Kong offset by losses in Singapore, South Korea, and Australia. Meanwhile, European markets witness a resurgence, with the DAX, CAC 40, and UK 100 futures all trending upward. Additionally, U.S. stock index futures climb, boosted by stellar earnings from Alphabet and Microsoft, while investors await pivotal inflation data with potential implications for monetary policy.

Market In Focus for today – Nasdaq 100

The NASDAQ 100 Continues to Attempt a Recovery.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 17620.34 | Positive Crossover | Bullish
  • MA 20: 17621.86 | Positive Crossover | Bullish
  • MA 50: 17818.31 | Negative Crossover | Bearish

Simple:

  • MA 5: 17617.99 | Positive Crossover | Bullish
  • MA 20: 17492.82| Positive Crossover | Bullish
  • MA 50: 17896.46 | Negative Crossover | Bearish

RSI (Relative Strength Index): 52.75| Buy Zone| Bullish

Stochastic Oscillator: 94.75| Buying Zone | Positive

Resistance And Support Levels:

  • R1: 17838.98 | R2: 18376.06
  • S1: 17441.93| S2: 17045.13

Overall Sentiment: Neutral | Market Direction: Buy

Trade Suggestion: Stop Buy: 17921.39 | Take Profit: 18342.99| Stop Loss: 17665.13.

S&P 500:

S&P 500 Likely to Continue the Recovery

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 5096.06 | Positive Crossover | Bearish
  • MA 20: 5091.17 | Positive Crossover | Bullish
  • MA 50: 5127.79 | Negative Crossover | Bearish

Simple:

  • MA 5: 5099.34 | Positive Crossover | Bearish
  • MA 20: 5065.64| Positive Crossover | Bullish
  • MA 50: 5140.72 | Negative Crossover | Bearish

RSI (Relative Strength Index): 54.08 | Positive Zone| Bullish

Stochastic Oscillator: 95.89| Buy Zone | Positive

Resistance And Support Levels:

  • R1: 5150.58 | R2: 5280.03
  • S1: 5052.30| S2: 4956.41

Overall Sentiment: Neutral | Market Direction: Buy

Trade Suggestion:  Buy Limit : 5113.00 | Take Profit: 5211.89| Stop Loss: 5058.05.

FTSE 100:

The FTSE 100 is maintaining its upward momentum, consolidating its gains.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 8090.06 | Positive Crossover | Bullish
  • MA 20: 8045.55 | Positive Crossover | Bullish
  • MA 50: 7981.84 | Positive Crossover | Bullish

Simple:

  • MA 5: 8092.93 | Positive Crossover | Bullish
  • MA 20: 8019.04| Positive Crossover | Bullish
  • MA 50: 7972.84 | Positive Crossover | Bullish

RSI (Relative Strength Index): 63.19| Buy Zone| Bullish

Stochastic Oscillator: 79.62| Positive Zone | Neutral

Resistance And Support Levels:

  • R1: 8134.1 | R2: 8226.7
  • S1: 7955.8| S2: 7812.2

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion:  Buy Limit : 8019.9 | Take Profit: 8133.8| Stop Loss: 7943.1.

Euro Stoxx 50:

On Friday, European stocks saw gains during the final trading session of the week, following the Bank of Japan’s decision to maintain its monetary policy unchanged after its two-day meeting.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 4981.68 | Negative Crossover | Bearish
  • MA 20: 4977.70 | Positive Crossover | Bullish
  • MA 50: 4986.11 | Negative Crossover | Bearish

Simple:

  • MA 5: 4996.02 | Negative Crossover | Bearish
  • MA 20: 4966.15 | Positive Crossover | Bullish
  • MA 50: 4989.62 | Negative Crossover | Bearish

RSI (Relative Strength Index): 50.79| Buy Zone| Bullish

Stochastic Oscillator: 42.09| Neutral Zone | Neutral

Resistance And Support Levels:

  • R1: 5039 | R2: 5139
  • S1: 4933 | S2: 4822

Overall Sentiment: Neutral | Market Direction: Sell

Trade Suggestion:  Stop Sell: 4977 | Take Profit: 4858 | Stop Loss: 5070.

Elsewhere in the Indices Market:

Asian benchmarks mostly climb despite concerns surrounding the US economy.

The Shanghai composite is up at 1.17%. Overall, the Singapore MSCI down 0.53% to 303.05. Over in Hong Kong, the Hang Seng Index up 2.12% to 17,651.15. In Japan, the Nikkei 225 up 0.81% to 37,934.76, while the Topix index was up 0.86% to 2686.48. South Korea’s Kospi down 1.05% to 2,656.33. Australia S&P/ASX 200 down 1.39% to, 7,575.90.

European markets experience an upturn as favourable momentum makes a comeback.

The DAX futures contract in Germany traded 0.74 higher, CAC 40 futures in France up 0.33% to 8,042.91 and the UK 100 futures contract in the U.K. up 0.49% to 8,118.80.

Futures edge upwards as strong earnings from Alphabet and Microsoft buoy mega-cap stocks.

On Friday, U.S. stock index futures surged as growth shares of large-cap companies bounced back following impressive quarterly earnings reports from Alphabet and Microsoft. Investors remained attentive to a crucial inflation release, which could influence U.S. monetary policy decisions.

Indexes: Dow up 0.14%, S&P 500- up 0.78%, Nasdaq up 1.05%.

Corporate News:

Netflix, Inc. (NFLX) up 1.74% at 555.12, Tesla, Inc (TSLA) up 4.97% at 170.18, Apple Inc. (AAPL) up 0.51% at 169.89. Goldman Sachs Group Inc (GS) down 0.71% at 420.04, Morgan Stanley (MS) down 1.37% at 92.56.

Key Economic Events & Data Release Today:

(JPY) BoJ Outlook Report (YoY) at 08:00.

(JPY) BoJ Monetary Policy Statement at 08:00.

(JPY) BoJ Interest Rate Decision Forecast 0.10%, Previous 0.0% at 08:00.

(CAD) Manufacturing Sales (MoM) Previous 0.7% at 18:00.

(USD) Core PCE Price Index (MoM) (Mar) Forecast 0.3%, Previous 0.3% at 18:00.