. Daily Index Analysis - Global markets rise ahead of Fed.

Daily Index Analysis – Global markets rise ahead of Fed.

Daily Index Analysis – Global markets rise ahead of Fed.

29 Apr 2024

Introduction:

Asian shares are on the rise amidst anticipation of the Federal Reserve’s interest rate decision. The Shanghai composite climbs by 0.79%, while other indices, including the Nikkei 225 and Kospi, also record gains. In Europe, markets witness upward movement as traders brace for the upcoming Fed meeting. Additionally, U.S. futures show a slight uptick, driven by the progress of large-cap stocks like Tesla and Apple.

Market In Focus for today – Dow Jones

Monday morning saw a marginal increase in Dow Jones futures.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 38452.04 | Positive Crossover | Bullish
  • MA 20: 38432.80 | Positive Crossover | Bullish
  • MA 50: 38581.00 | Negative Crossover | Bearish

Simple:

  • MA 5: 38458.35 | Positive Crossover | Bullish
  • MA 20: 38437.52| Positive Crossover | Bullish
  • MA 50: 38502.46 | Negative Crossover | Bearish

RSI (Relative Strength Index): 51| Buy Zone| Bullish

Stochastic Oscillator: 48.64| Buying Zone | Positive

Resistance And Support Levels:

  • R1: 38770.73 | R2: 39749.56
  • S1: 38206.93| S2: 37589.76

Overall Sentiment: Neutral | Market Direction: Buy

Trade Suggestion: Stop Buy: 38845.21 | Take Profit: 39462.29| Stop Loss: 38440.91.

S&P 500:

On Monday, U.S. stock futures are ascending as investors prepare for a bustling week in the markets, with S&P 500 futures surging by 0.2%.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 5118.06 | Positive Crossover | Bearish
  • MA 20: 5106.87 | Positive Crossover | Bullish
  • MA 50: 5128.79 | Positive Crossover | Bullish

Simple:

  • MA 5: 5111.34 | Positive Crossover | Bearish
  • MA 20: 5084.14| Positive Crossover | Bullish
  • MA 50: 5132.91 | Negative Crossover | Bearish

RSI (Relative Strength Index): 56.2 | Positive Zone| Bullish

Stochastic Oscillator: 96.92| Buy Zone | Positive

Resistance And Support Levels:

  • R1: 5198.44 | R2: 5318.48
  • S1: 5044.11| S2: 4926.93

Overall Sentiment: Neutral | Market Direction: Buy

Trade Suggestion:  Buy Limit : 5126.99 | Take Profit: 5264.18| Stop Loss: 5044.11.

FTSE 100:

FTSE 100 Edges Higher in Cautious Trade.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 8136.14 | Positive Crossover | Bullish
  • MA 20: 8083.31 | Positive Crossover | Bullish
  • MA 50: 8005.45 | Positive Crossover | Bullish

Simple:

  • MA 5: 8124.47 | Positive Crossover | Bullish
  • MA 20: 8065.80| Positive Crossover | Bullish
  • MA 50: 7986.79 | Positive Crossover | Bullish

RSI (Relative Strength Index): 67.83| Buy Zone| Bullish

Stochastic Oscillator: 94.66| Positive Zone | Neutral

Resistance And Support Levels:

  • R1: 8210.7 | R2: 8344.6
  • S1: 8098.6| S2: 7992.7

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion:  Buy Limit : 8114.1 | Take Profit: 8210.7| Stop Loss: 8051.9.

Euro Stoxx 50:

On Monday, European stock markets climbed as investors absorbed numerous notable corporate earnings reports prior to the unveiling of crucial German inflation data.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 4998.68 | Positive Crossover | Bullish
  • MA 20: 4988.70 | Positive Crossover | Bullish
  • MA 50: 4990.11 | Positive Crossover | Bullish

Simple:

  • MA 5: 4995.02 | Positive Crossover | Bullish
  • MA 20: 4979.05 | Positive Crossover | Bullish
  • MA 50: 4986.07 | Positive Crossover | Bullish

RSI (Relative Strength Index): 52.08| Buy Zone| Bullish

Stochastic Oscillator: 66.28| Buy Zone | Positive

Resistance And Support Levels:

  • R1: 5017 | R2: 5143
  • S1: 4938 | S2: 4825

Overall Sentiment: Neutral | Market Direction: Buy

Trade Suggestion:  Stop Buy: 5043 | Take Profit: 5143 | Stop Loss: 4982.

Elsewhere in the Indices Market:

Asian shares climb as Fed rate interest decision looms large.

The Shanghai composite is up at 0.79%. Overall, the Singapore MSCI up 0.08% to 301.85. Over in Hong Kong, the Hang Seng Index up 0.54% to 17,746.91. 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 up 1.17% to 2,687.44. Australia S&P/ASX 200 up 0.81% to, 7,637.40.

European markets see gains as traders anticipate the upcoming Fed meeting.

The DAX futures contract in Germany traded 0.01 lower, CAC 40 futures in France up 0.11% to 8,097.30 and the UK 100 futures contract in the U.K. up 0.58% to 8,187.07.

Futures edge higher as large-cap stocks continue to advance.

On Monday, U.S. stock index futures showed a slight increase, propelled by the performance of mega cap firms such as Tesla and Apple, as investors awaited the Federal Reserve’s forthcoming interest rate decision later in the week.

Indexes: Dow up 0.11%, S&P 500- up 0.15%, Nasdaq up 0.23%.

Corporate News:

Netflix, Inc. (NFLX) down 0.63% at 561.23, Tesla, Inc (TSLA) down 1.11% at 168.29, Apple Inc. (AAPL) down 0.35% at 169.30. Goldman Sachs Group Inc (GS) up 1.79% at 427.57, Morgan Stanley (MS) up 0.29% at 92.83.

Key Economic Events & Data Release Today:

(EUR) German CPI (MoM) (Apr) Forecast 0.6%, Previous 0.4% at 17:30.