. Daily Index Analysis - Global indices surge, tech leads rebound.

Daily Index Analysis – Global indices surge, tech leads rebound.

Daily Index Analysis – Global indices surge, tech leads rebound.

15 Feb 2024

Introduction:

In the global indices landscape, Asian stocks show gains as the US dollar softens amidst considerations of the US interest rate outlook. Notably, the Shanghai Composite, Singapore MSCI, and Nikkei 225 all register positive moves. Meanwhile, European equities rise, despite the UK entering a technical recession. In the US, Wall Street ends on a positive note, primarily boosted by impressive performances from Uber, Lyft, and Nvidia, with the latter surpassing Alphabet in market value.

Market In Focus for today – Nasdaq 100

The NASDAQ 100 shows signs of recovery in the early hours, as efforts are made to bounce back from the CPI shock experienced in the Tuesday session.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 17844.62 | Positive Crossover | Bullish
  • MA 20: 17868.24 | Positive Crossover | Bullish
  • MA 50: 17694.58 | Positive Crossover | Bullish

Simple:

  • MA 5: 17836.52 | Positive Crossover | Bullish
  • MA 20: 17868.37| Positive Crossover | Bullish
  • MA 50: 17694.55 | Positive Crossover | Bullish

RSI (Relative Strength Index): 57.22| Buy Zone| Buy

Stochastic Oscillator: 46.05| Buy Zone | Positive

Resistance And Support Levels:

  • R1: 18038.95 | R2: 18408.77
  • S1: 17659.89| S2: 17243.85

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion: Limit Buy: 17706.12 | Take Profit: 18112.92| Stop Loss: 17447.25.

S&P 500:

The market sustained its upward momentum, driven by gains in select technology sector stocks, particularly spearheaded by Nvidia. The S&P 500 index achieved another milestone by hitting a fresh record high.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 5009.82 | Positive Crossover | Bullish
  • MA 20: 5014.70 | Positive Crossover | Bullish
  • MA 50: 4966.75 | Positive Crossover | Bullish

Simple:

  • MA 5: 5008.49 | Positive Crossover | Bullish
  • MA 20: 5014.72| Positive Crossover | Bullish
  • MA 50: 4966.75| Positive Crossover | Bullish

RSI (Relative Strength Index): 60.13| Bullish Zone| Positive

Stochastic Oscillator: 49.59| Buy Zone | Positive

Resistance And Support Levels:

  • R1: 5062.41 | R2: 5148.96
  • S1: 4961.44| S2: 4862.27

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion:  Limit Buy: 4977.67 | Take Profit: 5062.41| Stop Loss: 4921.77.

FTSE 100:

FTSE 100 Lifted by Consumer Price Index (CPI) data.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 7565.53 | Positive Crossover | Bullish
  • MA 20: 7600.06 | Negative Crossover | Bearish
  • MA 50: 7621.97 | Negative Crossover | Bearish

Simple:

  • MA 5: 7565.73 | Positive Crossover | Bullish
  • MA 20: 7600.69| Negative Crossover | Bearish
  • MA 50: 7622.50| Negative Crossover | Bearish

RSI (Relative Strength Index): 45.53| Neutral Zone| Neutral

Stochastic Oscillator: 95.51| Buy Zone | Positive

Resistance And Support Levels:

  • R1: 7638.9 | R2: 7713.2
  • S1: 7582.8| S2: 7511.2

Overall Sentiment: Neutral | Market Direction: Sell

Trade Suggestion:  Limit Sell: 7601.0 | Take Profit: 7521.1| Stop Loss: 7647.0.

Euro Stoxx 50:

European stock markets saw an uptick on Thursday as investors evaluated the UK’s fourth-quarter growth figures and closely observed corporate earnings releases.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 4730.43 | Positive Crossover | Bullish
  • MA 20: 4724.25 | Positive Crossover | Bullish
  • MA 50: 4680.32 | Positive Crossover | Bullish

Simple:

  • MA 5: 4728.04| Positive Crossover | Bullish
  • MA 20: 4724.24| Positive Crossover | Bullish
  • MA 50: 4680.32| Positive Crossover | Bullish

RSI (Relative Strength Index): 63.54| Buy Zone| Bullish

Stochastic Oscillator: 64.04|Buy Zone | Positive

Resistance And Support Levels:

  • R1: 4764 | R2: 4831
  • S1: 4693| S2: 4591

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion:  Limit Buy: 4687 | Take Profit: 4764| Stop Loss: 4639.

Elsewhere in the Indices Market:

Asian equities climb, while the dollar softens as markets assess the US interest rate outlook.

The Shanghai composite is up at 1.28%. Overall, the Singapore MSCI is up 1.77% to 283.43. Over in Hong Kong, the Hang Seng Index up 0.41% to 15,944.63. In Japan, the Nikkei 225 was up 1.21% to 38,157.94, while the Topix index was up 0.28% to 2591.85. South Korea’s Kospi down 0.25% to 2,613.80. Australia S&P/ASX 200 is up 0.77% to, 7,605.70.

European equities advance as UK GDP data reveals the economy entered a technical recession.

The DAX futures contract in Germany traded 0.66 higher, CAC 40 futures in France up 0.74% to 7,734.02, and the UK 100 futures contract in the U.K. down 0.07% to 7,563.28.

Wall Street concludes on a positive note, propelled by gains in Uber, Lyft, and Nvidia.

On Wednesday, Wall Street closed significantly higher, driven by the surging shares of ride-hailing giants Lyft and Uber, and with Nvidia surpassing Alphabet to become the third most valuable company in the U.S. stock market.

Indexes: Dow up 0.40%, S&P 500- up 0.96%, Nasdaq up 1.30%.

Corporate News:

Netflix, Inc. (NFLX) is up 4.47% at 579.33, Tesla, Inc. (TSLA) is up 2.55% at 188.71, and Apple Inc. (AAPL) is down 0.48% at 184.15. Goldman Sachs Group Inc (GS) is down 0.19% at 378.04, and Morgan Stanley (MS) is up 0.036% at 84.00.

Key Economic Events & Data Release Today:

(GBP) GDP (QoQ) (Q4) Actual –0.3%, Forecast –0.1%, Previous –0.1% at 02:00.

(GBP) Monthly GDP 3M/3M Change (Dec) Actual –0.3%, Previous –0.2% at 02:00.

(GBP) GDP (MoM) (Dec) Actual –0.1%, Forecast –0.2%, Previous 0.3% at 02:00.

(GBP) GDP (YoY) Actual 0.0%, Forecast 0.3%, Previous 0.2% at 02:00.

(GBP) Manufacturing Production (MoM) (Dec) Actual 0.8%, Forecast –0.1%, Previous 0.4% at 02:00.

(EUR) ECB President Lagarde Speaks at 13:30.

(USD) Core Retail Sales (MoM) (Jan) Forecast 0.2%, Previous 0.4% at 08:30.

(USD) Initial Jobless Claims Forecast 219K, Previous 218K at 08:30.