. Daily Index Analysis - Global markets soar, investors anticipate earnings.

Daily Index Analysis – Global markets soar, investors anticipate earnings.

Daily Index Analysis – Global markets soar, investors anticipate earnings.

23 Apr 2024

Introduction:

Asia Across global indices: Asian markets follow Wall Street’s upward trend, anticipating upcoming earnings releases. Notable movements include the Shanghai composite’s 0.74% decline and Singapore’s MSCI climbing 2.12%. European stocks rebound after last week’s slump, focusing on earnings and data. In Germany, the DAX futures contract is up 0.14%, while France’s CAC 40 futures rise 0.67%. Meanwhile, UK’s FTSE 100 futures gain 0.61%. On Wall Street, stocks end positively as investors await major corporate earnings updates.

Market In Focus for today – Dow Jones

The Dow Jones surged upward amidst a widespread rally across equity markets.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 38321.76 | Positive Crossover | Bullish
  • MA 20: 38317.04 | Positive Crossover | Bullish
  • MA 50: 38631.10 | Negative Crossover | Bearish

Simple:

  • MA 5: 38229.20 | Positive Crossover | Bullish
  • MA 20: 38164.00| Positive Crossover | Bullish
  • MA 50: 38698.34 | Negative Crossover | Bearish

RSI (Relative Strength Index): 54.62| Buy Zone| Bullish

Stochastic Oscillator: 98.95| Buying Zone | Neutral

Resistance And Support Levels:

  • R1: 38658.83 | R2: 39416.49
  • S1: 37976.93| S2: 37295.03

Overall Sentiment: Neutral | Market Direction:Sell

Trade Suggestion: Sell Limit: 38668.85 | Take Profit: 37882.46| Stop Loss: 39269.36.

S&P 500:

The S&P 500 recovered beyond the psychologically significant threshold of 5000.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 5030.19 | Positive Crossover | Bullish
  • MA 20: 5066.43 | Negative Crossover | Bearish
  • MA 50: 5169.02 | Negative Crossover | Bearish

Simple:

  • MA 5: 5045.82 | Positive Crossover | Bullish
  • MA 20: 5073.29| Negative Crossover | Bearish
  • MA 50: 5138.82 | Negative Crossover | Bearish

RSI (Relative Strength Index): 42.4 | Neutral Zone| Neutral

Stochastic Oscillator: 99.11| Buy Zone | Neutral

Resistance And Support Levels:

  • R1: 5114.51 | R2: 5271.38
  • S1: 4984.92| S2: 4834.87

Overall Sentiment: Bearish | Market Direction: Sell

Trade Suggestion:  Sell Limit : 5100.87 | Take Profit: 4950.82| Stop Loss: 5206.59.

FTSE 100:

UK’s FTSE 100 hits fresh record high.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 7993.14 | Positive Crossover | Bullish
  • MA 20: 7961.10 | Positive Crossover | Bullish
  • MA 50: 7930.53 | Positive Crossover | Bullish

Simple:

  • MA 5: 7960.67 | Positive Crossover | Bullish
  • MA 20: 7931.56| Positive Crossover | Bullish
  • MA 50: 7948.48 | Positive Crossover | Bullish

RSI (Relative Strength Index): 60.31| Buy Zone| Bullish

Stochastic Oscillator: 92.67| Positive Zone | Bullish

Resistance And Support Levels:

  • R1: 8099.4 | R2: 8245.9
  • S1: 7955.8| S2: 7812.2

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion:  Buy Limit : 7949.9 | Take Profit: 8099.4| Stop Loss: 7859.1.

Euro Stoxx 50:

European markets gain ground following the UK’s FTSE 100 reaching a new all-time high.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 4956.00 | Positive Crossover | Bullish
  • MA 20: 4959.35 | Positive Crossover | Bullish
  • MA 50: 4982.22 | Positive Crossover | Bullish

Simple:

  • MA 5: 4941.09 | Positive Crossover | Bullish
  • MA 20: 4949.45 | Positive Crossover | Bullish
  • MA 50: 5006.78 | Negative Crossover | Bearish

RSI (Relative Strength Index): 55.39| Buy Zone| Bullish

Stochastic Oscillator: 100| Bullish Zone | Positive

Resistance And Support Levels:

  • R1: 5017 | R2: 5142
  • S1: 4878 | S2: 4751

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion:  Stop Buy  : 5019 | Take Profit: 5121 | Stop Loss: 4949.

Elsewhere in the Indices Market:

Asian stocks track Wall Street gains ahead of earnings reports.

The Shanghai composite is down at 0.74%. Overall, the Singapore MSCI up 2.12% to 300.73. Over in Hong Kong, the Hang Seng Index up 1.92% to 16,828.93. In Japan, the Nikkei 225 up 0.30% to 37,552.16, while the Topix index was up 0.14% to 2666.23. South Korea’s Kospi down 0.24% to 2,623.02. Australia S&P/ASX 200 up 0.45% to, 7,683.50.

European equities recover following the previous week’s sell-off, with investors focusing on earnings releases and economic data.

The DAX futures contract in Germany traded 0.14 higher, CAC 40 futures in France up 0.67% to 8,094.36 and the UK 100 futures contract in the U.K. up 0.61% to 8,072.64.

Wall St stocks conclude the session in positive territory with major corporate earnings in view.

Monday witnessed a surge in stock prices on Wall Street, recovering from recent declines. Investors were attentively monitoring quarterly reports from significant companies, seeking insights into the condition of the US economy.

Indexes: Dow up 0.67%, S&P 500- up 0.87%, Nasdaq up 1.11%.

Corporate News:

Netflix, Inc. (NFLX) down 0.08% at 554.60, Tesla, Inc (TSLA) down 3.4% at 142.05, Apple Inc. (AAPL) up 0.51% at 165.84. Goldman Sachs Group Inc (GS) up 3.30% at 417.35, Morgan Stanley (MS) up 0.20% at 92.09.

Key Economic Events & Data Release Today:

(EUR) German Manufacturing PMI Forecast –42.8, Previous –41.9% at 13:00.

(GBP) Manufacturing PMI Forecast 50.3, Previous 50.3 at 14:00.

(GBP) Service PMI Forecast 53.0, Previous 53.1 at 14:00.

(USD) Manufacturing PMI (Apr) Forecast 52.0, Previous 51.9 at 19:15

(USD) Building Permits Forecast 1.458M, Previous 1.524M at 17:30.

(USD) New Home Sales (Mar) Forecast 668K, Previous 662K at 19:30.