. Daily Index Analysis - Global markets in turmoil, indices fluctuate.

Daily Index Analysis – Global markets in turmoil, indices fluctuate.

Daily Index Analysis – Global markets in turmoil, indices fluctuate.

28 Feb 2024

Introduction:

In the global indices landscape, Asian markets experience a downturn following Wall Street’s stability, with notable drops in Shanghai, Hong Kong, and slight gains in South Korea. Meanwhile, European equities exhibit a mixed pattern, with the DAX and CAC 40 futures showing marginal changes. Investors globally are cautious, with stock futures slipping as they await key inflation data later in the week.

Market In Focus for today – Dow Jones

The Dow Jones retreats as the majority of its index components experience a decline.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 39020.87 | Negative Crossover | Bearish
  • MA 20: 38946.52 | Negative Crossover | Bearish
  • MA 50: 38781.39 | Positive Crossover | Bullish

Simple:

  • MA 5: 39084.25 | Negative Crossover | Bearish
  • MA 20: 38946.52| Negative Crossover | Bearish
  • MA 50: 38781.39 | Positive Crossover | Bullish

RSI (Relative Strength Index): 50.41| Buy Zone| Buy

Stochastic Oscillator: 7.38| Sell Zone | Negative

Resistance And Support Levels:

  • R1: 39324.74 | R2: 39841.78
  • S1: 38795.08| S2: 38265.42

Overall Sentiment: Neutral | Market Direction: Buy

Trade Suggestion: Limit Buy: 38870.74 | Take Profit: 39324.74| Stop Loss: 38618.52.

S&P 500:

The S&P 500 retreated as traders responded to economic reports.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 5079.49 | Negative Crossover | Bearish
  • 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): 56.61| Bullish Zone| Positive

Stochastic Oscillator: 18.24| Negative 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 : 5018.09 | Take Profit: 5119.84| Stop Loss: 4961.86.

FTSE 100:

The FTSE 100 faces a setback due to disappointing earnings.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 7691.71 | Negative Crossover | Bearish
  • MA 20: 7700.16 | Negative Crossover | Bearish
  • MA 50: 7659.07 | Positive Crossover | Bullish

Simple:

  • MA 5: 7691.71 | Negative Crossover | Bearish
  • MA 20: 7700.16| Negative Crossover | Bearish
  • MA 50: 7659.71| Positive Crossover | Bullish

RSI (Relative Strength Index): 45.00| Neutral Zone| Neutral

Stochastic Oscillator: 29.23| 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: Stop Sell: 7663.6 | Take Profit: 7576.4| Stop Loss: 7722.8.

Euro Stoxx 50:

On Wednesday, European stock markets exhibited a mixed performance, with trading ranges staying narrow as investors cautiously anticipated upcoming inflation assessments later in the week.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 4875.19 | Positive Crossover | Bullish
  • MA 20: 4845.65 | Positive Crossover | Bullish
  • MA 50: 4777.92| Positive Crossover | Bullish

Simple:

  • MA 5: 4880.07| Positive Crossover | Bullish
  • MA 20: 4845.09| Positive Crossover | Bullish
  • MA 50: 4777.92| Positive Crossover | Bullish

RSI (Relative Strength Index): 69.27| Buy Zone| Bullish

Stochastic Oscillator: 32.65|Sell Zone | Negative

Resistance And Support Levels:

  • R1: 4896 | R2: 4991
  • S1: 4778| S2: 4643

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion:  Limit Buy : 4802 | Take Profit: 4896| Stop Loss: 4738.

Elsewhere in the Indices Market:

Asian equities decline following Wall Street’s steadiness near its record highs.

The Shanghai composite is down at 1.91%. Overall, the Singapore MSCI down 0.43% to 280.23. Over in Hong Kong, the Hang Seng Index down 1.51% to 16,536.85. In Japan, the Nikkei 225 down 0.08% to 39,208.03, while the Topix index was down 0.13% to 2674.95. South Korea’s Kospi up 1.04% to 2,652.29. Australia S&P/ASX 200 down 0.034% to, 7,660.40.

European equities display a mixed trend as investors closely monitor inflation data.

The DAX futures contract in Germany traded 0.21 higher, CAC 40 futures in France up 0.03% to 7,950.69 and the UK 100 futures contract in the U.K. down 0.69% to 7,630.07%.

Wednesday sees a decline in stock futures as investors await upcoming inflation data later in the week.

Wednesday witnessed a slight decline in stock futures as investors anticipated a crucial inflation report scheduled for later in the week.

Indexes: Dow down 0.3%, S&P 500- down 0.3%, Nasdaq down 0.4%.

Corporate News:

Netflix, Inc. (NFLX) up 2.39% at 601.67, Tesla, Inc (TSLA) down 0.17% at 199.73, Apple Inc. (AAPL) up 0.81% at 182.63. Goldman Sachs Group Inc (GS) up 0.15% at 390.81, Morgan Stanley (MS) down 0.21% at 85.49.

Key Economic Events & Data Release Today:

(NZD) RBNZ Interest Rate Decision Actual 5.50%, Forecast 5.50%, Previous 1.3% at 06:30.

(USD) GDP (QoQ) (Q4) Forecast 3.3%, Previous 4.9% at 19:00.

(USD) Crude Oil Inventories Forecast 3.100M, Previous 3.514M at 21:00.