. Daily Index Analysis - Global markets soar, Nasdaq breaks records.

Daily Index Analysis – Global markets soar, Nasdaq breaks records.

Daily Index Analysis – Global markets soar, Nasdaq breaks records.

13 Feb 2024

Introduction:

In Asian markets, shares an advance of the US inflation report, with China observing a holiday. Notably, the Shanghai composite rises by 1.28%. Meanwhile, major European indices show mixed movements at the start of the trading session. As Wall Street awaits the inflation data, stock futures slip following a recent Dow record.

Market In Focus for today – Nasdaq 100

Monday afternoon saw the Nasdaq briefly exceeding its previous record closing high from November 2021 before experiencing a decline.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 17919.25 | Negative Crossover | Bearish
  • MA 20: 17847.24 | Positive Crossover | Bullish
  • MA 50: 17670.76 | Positive Crossover | Bullish

Simple:

  • MA 5: 17949.33 | Negative Crossover | Bearish
  • MA 20: 17846.03| Positive Crossover | Bullish
  • MA 50: 17670.87 | Positive Crossover | Bullish

RSI (Relative Strength Index): 54.32| Buy Zone| Bullish

Stochastic Oscillator: 22.81| Sell Zone | Negative

Resistance And Support Levels:

  • R1: 18117.54 | R2: 18431.88
  • S1: 17710.74| S2: 17276.21

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion: Limit Buy: 17756.97 | Take Profit: 18117.54| Stop Loss: 17544.32.

S&P 500:

S&P 500 Continues to See Extension. There remains substantial buying pressure evident in the S&P 500.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 5025.93 | Negative Crossover | Bearish
  • MA 20: 5007.17 | Positive Crossover | Bullish
  • MA 50: 4955.18 | Positive Crossover | Bullish

Simple:

  • MA 5: 5031.32 | Negative Crossover | Bearish
  • MA 20: 5007.71| Positive Crossover | Bullish
  • MA 50: 4955.56| Positive Crossover | Bullish

RSI (Relative Strength Index): 61.47| Bullish Zone| Positive

Stochastic Oscillator: 41.95| Neutral Zone | Negative

Resistance And Support Levels:

  • R1: 5047.85 | R2: 5125.98
  • S1: 4957.00| S2: 4873.41

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion:  Limit Buy: 4967.90 | Take Profit: 5047.85| Stop Loss: 4920.65.

FTSE 100:

London stocks are poised to open slightly higher on Tuesday, anticipating readings on UK unemployment and US inflation, The FTSE 100, facing challenges in 2024.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 7602.24 | Negative Crossover | Bearish
  • MA 20: 7632.07 | Negative Crossover | Bearish
  • MA 50: 7616.46 | Negative Crossover | Bearish

Simple:

  • MA 5: 7602.09 | Negative Crossover | Bearish
  • MA 20: 7632.03| Negative Crossover | Bearish
  • MA 50: 7616.44| Negative Crossover | Bearish

RSI (Relative Strength Index): 36.74| Sell Zone| Negative

Stochastic Oscillator: 12.09| Sell Zone | Negative

Resistance And Support Levels:

  • R1: 7633.3 | R2: 7714.6
  • S1: 7575.8| S2: 7495.8

Overall Sentiment: Bearish | Market Direction: Sell

Trade Suggestion:  Stop Sell: 7560.3 | Take Profit: 7495.8| Stop Loss: 7605.2.

Euro Stoxx 50:

European stock markets recorded slight increases overnight in anticipation of a significant week for economic data in the US, Eurozone, and UK.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 4731.31 | Negative Crossover | Bearish
  • MA 20: 4713.04 | Positive Crossover | Bullish
  • MA 50: 4653.23 | Positive Crossover | Bullish

Simple:

  • MA 5: 4734.09| Negative Crossover | Bearish
  • MA 20: 4713.04| Positive Crossover | Bullish
  • MA 50: 4653.72| Positive Crossover | Bullish

RSI (Relative Strength Index): 57.35| Positive Zone| Bullish

Stochastic Oscillator: 49.15|Sell Zone | Negative

Resistance And Support Levels:

  • R1: 4765 | R2: 4841
  • S1: 4663| S2: 4598

Overall Sentiment: Neutral | Market Direction: Buy

Trade Suggestion:  Limit Buy: 4683 | Take Profit: 4765| Stop Loss: 4637.

Elsewhere in the Indices Market:

Before the release of the US inflation report, Asian shares climbed, while China remained closed for a holiday.

The Shanghai composite is up at 1.28%. Overall, the Singapore MSCI is down 0.42% to 278.68. Over in Hong Kong, the Hang Seng Index down 0.83% to 15,746.58. In Japan, the Nikkei 225 was up 2.89% to 37,963.97, while the Topix index was up 2.12% to 2612.03. South Korea’s Kospi up 1.12% to 2,620.32. Australia S&P/ASX 200 is down 0.15% to, 7,603.60.

At the beginning of Tuesday’s trading session, major European stock markets exhibited varied movements.

The DAX futures contract in Germany traded 0.62 lower, CAC 40 futures in France down 0.37% to 7,661.27, and the UK 100 futures contract in the U.K. down 0.15% to 7,562.46.

Following a recent Dow record, stock futures decline as Wall Street awaits inflation data.

On Tuesday morning, stock futures saw a slight dip as investors geared up for a significant inflation report.

Indexes: Dow down 0.1%, S&P 500- down 0.18%, Nasdaq down 0.21%.

Corporate News:

Netflix, Inc. (NFLX) is down 0.62% at 557.85, Tesla, Inc. (TSLA) is down 2.81% at 188.13, and Apple Inc. (AAPL) is down 0.90% at 187.15. Goldman Sachs Group Inc (GS) up 2.18% at 392.64, and Morgan Stanley (MS) up 1.14% at 86.87.

Key Economic Events & Data Release Today:

(AUD) NAB Business Confidence (Jan) Actual 1, Previous –1 at 06:00.

(GBP) Average Earnings Index +Bonus (Dec) Actual 5.8%, Forecast 5.6%, Previous 6.5% at 12:30.

(USD) CPI (MoM) (Jan) Forecast 0.2%, Previous 0.3% at 19:00.

(USD) Core CPI (MoM) (Jan) Forecast 0.3%, Previous 0.3% at 19:00.