. Daily Index Analysis - Global markets in flux, volatility reigns.

Daily Index Analysis – Global markets in flux, volatility reigns.

Daily Index Analysis – Global markets in flux, volatility reigns.

08 Apr 2024

Introduction:

Across global indices, Asian markets present a mixed picture with China affected by property concerns, while Japan and Singapore see gains. In Europe, markets surge amid a significant week for central bank activities. Meanwhile, U.S. stock futures show stability after last week’s pullback, signaling a pause in the 2024 rally.

Market In Focus for today – Dow Jones

Dow Jones futures showed minimal movement, indicating a stable start to the week.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 39272.04 | Negative Crossover | Bearish
  • MA 20: 39409.08 | Negative Crossover | Bearish
  • MA 50: 39516.00 | Negative Crossover | Bearish

Simple:

  • MA 5: 39194.15 | Negative Crossover | Bearish
  • MA 20: 39449.00| Negative Crossover | Bearish
  • MA 50: 39733.66 | Negative Crossover | Bearish

RSI (Relative Strength Index): 41.73| Neutral Zone| Neutral

Stochastic Oscillator: 74.18| Buy Zone | Neutral

Resistance And Support Levels:

  • R1: 39343.85 | R2: 39746.41
  • S1: 38883.78| S2: 38331.69

Overall Sentiment: Bearish | Market Direction: Sell

Trade Suggestion: Limit Sell: 39336.99 | Take Profit: 38929.13| Stop Loss: 39421.51.

S&P 500:

The S&P recovered following previous downturn, with traders responding to the positive Nonfarm Payrolls report.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 5253.55 | Positive Crossover | Bullish
  • MA 20: 5260.71 | Positive Crossover | Bullish
  • MA 50: 5251.51 | Positive Crossover | Bullish

Simple:

  • MA 5: 5247.89 | Positive Crossover | Bullish
  • MA 20: 5264.32| Positive Crossover | Bullish
  • MA 50: 5273.00 | Negative Crossover | Bearish

RSI (Relative Strength Index): 50.39| Buy Zone| Positive

Stochastic Oscillator: 65.93| Buy Zone | Positive

Resistance And Support Levels:

  • R1: 5270.34 | R2: 5334.81
  • S1: 5148.77| S2: 5044.51

Overall Sentiment: Neutral | Market Direction: Buy

Trade Suggestion:  Limit Buy : 5249.48 | Take Profit: 5306.74| Stop Loss: 5220.85.

FTSE 100:

The FTSE 100 is climbing, driven by gains in mining companies and Entain.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 7942.49 | Positive Crossover | Bullish
  • MA 20: 7935.53 | Positive Crossover | Bullish
  • MA 50: 7881.61 | Positive Crossover | Bullish

Simple:

  • MA 5: 7938.23 | Positive Crossover | Bullish
  • MA 20: 7949.18| Positive Crossover | Bullish
  • MA 50: 7876.00 | Positive Crossover | Bullish

RSI (Relative Strength Index): 57.33| Bullish Zone| Positive

Stochastic Oscillator: 44.91| Neutral Zone | Neutral

Resistance And Support Levels:

  • R1: 7970.9 | R2: 8004.6
  • S1: 7803.0| S2: 7705.0

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion:  Limit Buy : 7953.1 | Take Profit: 8019.7| Stop Loss: 7912.6.

DAX 40:

Once again, attention will be on the German economy, particularly as investors focus on German industrial production and trade figures.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 18329.36 | Positive Crossover | Bullish
  • MA 20: 18342.85 | Positive Crossover | Bullish
  • MA 50: 18225.74 | Positive Crossover | Bullish

Simple:

  • MA 5: 18323.19 | Positive Crossover | Bullish
  • MA 20: 18409.87 | Negative Crossover | Bearish
  • MA 50: 18252.28 | Positive Crossover | Bullish

RSI (Relative Strength Index): 53.19| Buy Zone| Bullish

Stochastic Oscillator: 36.85| Sell Zone | Negative

Resistance And Support Levels:

  • R1: 18457.4 | R2: 18646.9
  • S1: 17926.5| S2: 17539.8

Overall Sentiment: Neutral | Market Direction: Sell

Trade Suggestion:  Stop Sell : 18328.4 | Take Profit: 18078.2| Stop Loss: 18487.6.

Elsewhere in the Indices Market:

Asian markets exhibit mixed performance; China falls on property woes.

The Shanghai composite is down at 0.72%. Overall, the Singapore MSCI up 0.61% to 292.30. Over in Hong Kong, the Hang Seng Index up 0.05% to 16,732.85. In Japan, the Nikkei 225 up 0.91% to 39,347.04, while the Topix index was up 0.95% to 2728.32. South Korea’s Kospi up 0.13% to 2,717.65. Australia S&P/ASX 200 up 0.20% to, 7,789.10.

European markets experience gains amid a busy week marked by significant central bank activity.

The DAX futures contract in Germany traded 0.71 higher, CAC 40 futures in France up 0.75% to 8,122.10 and the UK 100 futures contract in the U.K. up 0.28% to 7,933.69.

U.S. Stock futures show minimal movement as the new week begins.

Stock futures remained unchanged on Monday following a market pullback last week, as the rally of 2024 paused for a breather.

Indexes: Dow up 0.1%, S&P 500- up 0.1%, Nasdaq up 0.2%.

Corporate News:

Netflix, Inc. (NFLX) up 0.47% at 636.18, Tesla, Inc (TSLA) up 2.41% at 164.90, and Apple Inc. (AAPL) down 0.22% at 169.58. Goldman Sachs Group Inc (GS) is down 1.87% at 406.25, and Morgan Stanley (MS) is down 0.77% at 92.28.

Key Economic Events & Data Release Today:

(EUR) German Industrial Production (MoM) (Feb) Forecast –0.6%, Previous 1.0% at 11:30.

(EUR) German Trade Balance (Feb) Forecast 25.91B, Previous 27.5B at 11:30.