. Daily Index Analysis - Global markets surge despite economic uncertainties.

Daily Index Analysis – Global markets surge despite economic uncertainties.

Daily Index Analysis – Global markets surge despite economic uncertainties.

01 Mar 2024

Introduction:

In Asian markets, stocks show a general rise despite a slowdown in China’s factory activity. Key indices like the Nikkei 225 in Japan and Australia’s S&P/ASX 200 experience positive trends. European stocks also climb on global optimism, emphasizing inflation concerns. Meanwhile, U.S. equities reach record highs as anticipated U.S. inflation figures bring relief to investors, causing a dip in Treasury yields.

Market In Focus for today – Dow Jones

Thursday saw a rise in U.S. stocks following the release of the latest PCE data. The Dow achieved four consecutive monthly gains.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 39018.24 | Positive Crossover | Bullish
  • MA 20: 39059.27 | Positive Crossover | Bullish
  • MA 50: 38817.27 | Positive Crossover | Bullish

Simple:

  • MA 5: 39000.01 | Positive Crossover | Bullish
  • MA 20: 39059.27| Positive Crossover | Bullish
  • MA 50: 38817.27 | Positive Crossover | Bullish

RSI (Relative Strength Index): 54.94| Buy Zone| Buy

Stochastic Oscillator: 38.97| Sell Zone | Neutral

Resistance And Support Levels:

  • R1: 39201.12 | R2: 39654.10
  • S1: 38875.90| S2: 38318.38

Overall Sentiment: Positive | Market Direction: Buy

Trade Suggestion: Limit Buy: 38724.91 | Take Profit: 39201.12| Stop Loss: 38446.15.

Nasdaq 100:

Nasdaq achieves its first record high close since 2021.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 18025.65 | Positive Crossover | Bullish
  • MA 20: 17986.97 | Positive Crossover | Bullish
  • MA 50: 17883.12 | Positive Crossover | Bullish

Simple:

  • MA 5: 18009.60 | Positive Crossover | Bullish
  • MA 20: 17986.97| Positive Crossover | Bullish
  • MA 50: 17883.12| Positive Crossover | Bullish

RSI (Relative Strength Index): 63.41| Bullish Zone| Positive

Stochastic Oscillator: 89.78| Positive Zone | Positive

Resistance And Support Levels:

  • R1: 18161.22 | R2: 18565.27
  • S1: 17719.59| S2: 17249.77

Overall Sentiment: Bullish| Market Direction: Buy

Trade Suggestion:  Limit Buy: 17616.23 | Take Profit: 18114.24| Stop Loss: 17296.75.

FTSE 100:

Consumer lending growth keeps the UK’s FTSE 100 Index steady.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 7679.25 | Positive Crossover | Bullish
  • MA 20: 7684.32 | Positive Crossover | Bullish
  • MA 50: 7657.68 | Positive Crossover | Bullish

Simple:

  • MA 5: 7672.04 | Positive Crossover | Bullish
  • MA 20: 7684.32| Positive Crossover | Bullish
  • MA 50: 7657.68| Positive Crossover | Bullish

RSI (Relative Strength Index): 54.86| Buy Zone| Bullish

Stochastic Oscillator: 79.44| Buy Zone | Positive

Resistance And Support Levels:

  • R1: 7703.0 | R2: 7790.2
  • S1: 7625.8| S2: 7537.0

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion: Stop Buy: 7716.2 | Take Profit: 7790.2| Stop Loss: 7680.0.

DAX 40:

Germany is on the brink of a technical recession, yet its blue-chip stock index, the DAX, continues to achieve a series of record highs.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 17686.25 | Positive Crossover | Bullish
  • MA 20: 17555.85 | Positive Crossover | Bullish
  • MA 50: 17264.62| Positive Crossover | Bullish

Simple:

  • MA 5: 17682.82| Positive Crossover | Bullish
  • MA 20: 17555.85| Positive Crossover | Bullish
  • MA 50: 17264.62| Positive Crossover | Bullish

RSI (Relative Strength Index): 83.07| Buy Zone| Bullish

Stochastic Oscillator: 100.00|Buy Zone | Neutral

Resistance And Support Levels:

  • R1: 17839.2 | R2: 18116.9
  • S1: 17439.6| S2: 17100.9

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion:  Limit Buy: 17493.8 | Take Profit: 17839.2| Stop Loss: 17277.0.

Elsewhere in the Indices Market:

Asian stock markets generally rise, and China Factory Activity Slows.

The Shanghai composite is up at 0.39%. Overall, the Singapore MSCI up 0.15% to 281.93. Over in Hong Kong, the Hang Seng Index up 0.47% to 16,589.44. In Japan, the Nikkei 225 was up 1.90% to 39,166.19, while the Topix index was up 1.26% to 2709.42. South Korea’s Kospi down 0.37% to 2,642.36. Australia S&P/ASX 200 is up 0.61% to, 7,745.60.

European stocks climb fuelled by global optimism, with a focus on inflation.

The DAX futures contract in Germany traded 0.43 higher, CAC 40 futures in France down 0.06% to 7,922.54 and the UK 100 futures contract in the U.K. up 0.59% to 7,674.90%.

U.S. equities advance as U.S. inflation aligns with expectations; Treasury yields dip.

The S&P 500 and Nasdaq achieved record highs, and the global equity index saw gains on Thursday. Investors, relieved by the largely anticipated U.S. inflation reading, found little surprise in the data, leading to a decline in U.S. Treasury yields.

Indexes: Dow down 0.17%, S&P 500- up 0.52%, Nasdaq up 0.90%.

Corporate News:

Netflix, Inc. (NFLX) is up 1.08% at 602.92, Tesla, Inc. (TSLA) down 0.079% at 201.088, and Apple Inc. (AAPL) is down 0.37% at 181.75. Goldman Sachs Group Inc (GS) is down 1.05% at 389.05, and Morgan Stanley (MS) is down 0.012% at 86.04.

Key Economic Events & Data Release Today:

(NZD) RBNZ Gov Orr Speaks at 05:35.

(CNY) Manufacturing PMI (Feb) Actual 49.1, Forecast 49.1, Previous 49.2 at 07:00.

(EUR) German Manufacturing PMI (Feb) Forecast 42.3, Previous 45.5 at 14:25.

(EUR) CPI (YoY) (Feb) Forecast 2.5%, Previous 2.8% at 15:30.

(USD) Manufacturing PMI (Feb) Forecast 51.5, Previous 50.7 at 20:30.

(USD) ISM Manufacturing PMI (Feb) Forecast 49.5, Previous 49.1 at 20:30.