. Daily Index Analysis - Global indices shift, investors await data.

Daily Index Analysis – Global indices shift, investors await data.

Daily Index Analysis – Global indices shift, investors await data.

27 Feb 2024

Introduction:

In global indices, Asian markets present a mixed picture with Wall Street taking a slight step back. Notable movements include the Shanghai Composite’s rise by 1.29% and the Hang Seng Index climbing by 0.94%. European markets exhibit diverse trends, and in the U.S., stock futures show a modest uptick, anticipating crucial economic data that could impact expectations for Federal Reserve actions and evaluate the ongoing market rally.

Market In Focus for today – Nasdaq 100

Nasdaq 100 Holds Breath Ahead of PCE Data.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 17942.36 | Positive Crossover | Bullish
  • MA 20: 17834.92 | Positive Crossover | Bullish
  • MA 50: 17836.21 | Positive Crossover | Bullish

Simple:

  • MA 5: 17985.68 | Positive Crossover | Bullish
  • MA 20: 17835.02| Positive Crossover | Bullish
  • MA 50: 17836.25 | Positive Crossover | Bullish

RSI (Relative Strength Index): 59.29| Buy Zone| Buy

Stochastic Oscillator: 73.4| Buy Zone | Positive

Resistance And Support Levels:

  • R1: 18117.89 | R2: 18489.33
  • S1: 17729.58| S2: 17273.72

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion: Limit Buy: 17738.02 | Take Profit: 18117.89| Stop Loss: 17051.65.

S&P 500:

S&P 500 futures remain largely unchanged following a slight decline from the record level.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 5079.49 | Positive Crossover | Bullish
  • MA 20: 5052.52 | Positive Crossover | Bullish
  • MA 50: 5028.19 | Positive Crossover | Bullish

Simple:

  • MA 5: 5092.52 | Negative Crossover | Bearish
  • MA 20: 5052.90| Positive Crossover | Bullish
  • MA 50: 5028.19| Positive Crossover | Bullish

RSI (Relative Strength Index): 60.74| Bullish Zone| Positive

Stochastic Oscillator: 59.41| Positive Zone | Negative

Resistance And Support Levels:

  • R1: 5109.13 | R2: 5202.85
  • S1: 4980.60| S2: 4860.11

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion:  Limit Buy: 4999.35 | Take Profit: 5109.13| Stop Loss: 4935.08.

FTSE 100:

FTSE is expected to decline, keeping a close watch on U.S. data.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 7695.90 | Negative Crossover | Bearish
  • MA 20: 7707.41 | Negative Crossover | Bearish
  • MA 50: 7656.73 | Positive Crossover | Bullish

Simple:

  • MA 5: 7697.74 | Negative Crossover | Bearish
  • MA 20: 7707.45| Negative Crossover | Bearish
  • MA 50: 7656.75| Positive Crossover | Bullish

RSI (Relative Strength Index): 52.57| Buy Zone| Bullish

Stochastic Oscillator: 15.33| Sell Zone | Negative

Resistance And Support Levels:

  • R1: 7712.9 | R2: 7790.2
  • S1: 7611.0| S2: 7507.4

Overall Sentiment: Neutral | Market Direction: Sell

Trade Suggestion: Limit Sell: 7701.4 | Take Profit: 7611.0| Stop Loss: 7752.3.

DAX 40:

Tuesday morning witnessed a blend of performances in European markets, reflecting a broader global downturn.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 17430.46 | Positive Crossover | Bullish
  • MA 20: 17300.75 | Positive Crossover | Bullish
  • MA 50: 17145.86| Positive Crossover | Bullish

Simple:

  • MA 5: 17459.07| Positive Crossover | Bullish
  • MA 20: 17300.09| Positive Crossover | Bullish
  • MA 50: 17145.92| Positive Crossover | Bullish

RSI (Relative Strength Index): 73.76| Buy Zone| Bullish

Stochastic Oscillator: 68.11|Buy Zone | Negative

Resistance And Support Levels:

  • R1: 17561.0 | R2: 17865.6
  • S1: 17180.3| S2: 16782.7

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion:  Limit Buy: 17248.00 | Take Profit: 17561.00| Stop Loss: 17061.09.

Elsewhere in the Indices Market:

Asian markets display a mixed performance as Wall Street retreats slightly from recent peaks.

The Shanghai composite is up at 1.29%. Overall, the Singapore MSCI up 0.17% to 282.88. Over in Hong Kong, the Hang Seng Index up 0.94% to 16,790.00. In Japan, the Nikkei 225 was down 0.01% to 39,239.52, while the Topix index was up 0.18% to 2678.46. South Korea’s Kospi down 0.83% to 2,625.05. Australia S&P/ASX 200 is up 0.13% to, 7,663.00.

European stock markets show a mixed trend following a global market pullback.

The DAX futures contract in Germany traded 0.38 higher, CAC 40 futures in France down 0.01% to 7,928.78, and the UK 100 futures contract in the U.K. down 0.07% to 7,678.57%.

US stock futures marginally rise in anticipation of upcoming economic data.

Tuesday saw U.S. stock index futures trading within a range as investors anticipated a pivotal inflation report and other economic data. These releases would influence expectations for Federal Reserve interest rate cuts and assess the sustainability of the recent market rally.

Indexes: Dow up 0.1%, S&P 500- up 0.8%, Nasdaq up 0.19%.

Corporate News:

Netflix, Inc. (NFLX) is up 0.70% at 587.65, Tesla, Inc. (TSLA) is up 3.87% at 199.40, and Apple Inc. (AAPL) is down 0.75% at 181.16. Goldman Sachs Group Inc (GS) is down 0.21% at 390.22, and Morgan Stanley (MS) is down 1.02% at 85.67.

Key Economic Events & Data Release Today:

(JPY) National Core CPI (YoY) (Jan) Actual 2.0%, Forecast 1.9%, Previous 2.3% at 05:00.

(USD) Core Durable Goods Order (MoM) (Jan) Forecast 0.2%, Previous 0.6% at 19:00.

(USD) CB Consumer Confidence (Feb) Forecast 114.8, Previous 114.8 at 20:30.