. Daily Index Analysis -Global markets surge, Nasdaq, S&P 500 hit records.

Daily Index Analysis – Global markets surge, Nasdaq, S&P 500 hit records.

Daily Index Analysis – Global markets surge, Nasdaq, S&P 500 hit records.

08 Mar 2024

Introduction:

Global markets experience a positive shift with Asian indices rising on expectations of a Federal Reserve rate cut. In Asia, the Shanghai Composite and Singapore MSCI lead the gains, while the Hang Seng Index in Hong Kong and Japan’s Nikkei 225 also show positive movements. European stocks climb, propelled by strength in energy and financial sectors. Meanwhile, Wall Street surges, setting a record closing high for the S&P 500 and a 1.5% increase in the Nasdaq composite, fuelled by investor optimism around potential Federal Reserve rate cuts.

Market In Focus for today – Nasdaq 100

The Nasdaq achieved a record high following indications from Powell about forthcoming rate cuts.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 18183.28 | Positive Crossover | Bullish
  • MA 20: 18136.01 | Positive Crossover | Bullish
  • MA 50: 18010.63 | Positive Crossover | Bullish

Simple:

  • MA 5: 18122.84 | Positive Crossover | Bullish
  • MA 20: 18163.20| Positive Crossover | Bullish
  • MA 50: 17979.70 | Positive Crossover | Bullish

RSI (Relative Strength Index): 61.79| Buy Zone| Buy

Stochastic Oscillator: 61.58| Buy Zone | Positive

Resistance And Support Levels:

  • R1: 18347.03 | R2: 18889.44
  • S1: 17672.68| S2: 16893.68

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion: Limit Buy: 17952.37 | Take Profit: 18312.75| Stop Loss: 17733.32.

S&P 500:

Wall Street surged on Thursday, as the S&P 500 advanced by 1%, reaching an all-time high at the closing bell.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 5136.29 | Positive Crossover | Bullish
  • MA 20: 5121.89 | Positive Crossover | Bullish
  • MA 50: 5084.70 | Positive Crossover | Bullish

Simple:

  • MA 5: 5124.79 | Positive Crossover | Bullish
  • MA 20: 5123.29| Positive Crossover | Bullish
  • MA 50: 5081.13 | Positive Crossover | Bullish

RSI (Relative Strength Index): 67.5| Bullish Zone| Positive

Stochastic Oscillator: 85.96| Bullish Zone | Positive

Resistance And Support Levels:

  • R1: 5171.09 | R2: 5247.24
  • S1: 5057.96| S2: 4933.95

Overall Sentiment: Bullish| Market Direction: Buy

Trade Suggestion:  Limit Buy: 5084.57 | Take Profit: 5171.79| Stop Loss: 5031.35.

FTSE 100:

FTSE 100 declines as markets anticipate crucial US job data.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 7684.43 | Negative Crossover | Bearish
  • MA 20: 7679.24 | Negative Crossover | Bearish
  • MA 50: 7670.84 | Positive Crossover | Bullish

Simple:

  • MA 5: 7681.23 | Negative Crossover | Bearish
  • MA 20: 7673.54| Negative Crossover | Bearish
  • MA 50: 7682.97| Positive Crossover | Bullish

RSI (Relative Strength Index): 49.03| Buying Zone| Buy

Stochastic Oscillator: 79.82| Buy Zone | Negative

Resistance And Support Levels:

  • R1: 7725.3 | R2: 7786.3
  • S1: 7664.4| S2: 7590.6

Overall Sentiment: Neutral | Market Direction: Sell

Trade Suggestion: Limit Sell: 7683.1 | Take Profit: 7629.2| Stop Loss: 7722.0.

DAX 40:

European stocks make slight gains as investors turn their attention to U.S. jobs data.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 17803.87 | Positive Crossover | Bullish
  • MA 20: 17737.56 | Positive Crossover | Bullish
  • MA 50: 17538.60| Positive Crossover | Bullish

Simple:

  • MA 5: 17783.09| Positive Crossover | Bullish
  • MA 20: 17764.65| Positive Crossover | Bullish
  • MA 50: 17490.02| Positive Crossover | Bullish

RSI (Relative Strength Index): 66.32| Buy Zone| Bullish

Stochastic Oscillator: 60.25|Buy Zone | Positive

Resistance And Support Levels:

  • R1: 17922.0 | R2: 18136.7
  • S1: 17635.2| S2: 17395.4

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion:  Limit Buy : 17753.2 | Take Profit: 17917.9| Stop Loss: 17658.5.

Elsewhere in the Indices Market:

Asian markets rise fuelled by expectations of a rate cut by the Federal Reserve.

The Shanghai composite is up at 0.28%. Overall, the Singapore MSCI up 0.46% to 287.00. Over in Hong Kong, the Hang Seng Index up 0.76% to 16,353.79. In Japan, the Nikkei 225 was up 0.23% to 39,688.94, while the Topix index was up 0.30% to 2726.80. South Korea’s Kospi up 1.24% to 2,680.35. Australia S&P/ASX 200 is up 1.07% to, 7,847.00.

European stocks climb, driven by strength in the energy and financial sectors.

The DAX futures contract in Germany traded 0.06 lower, CAC 40 futures in France up 0.19% to 8,031.72, and the UK 100 futures contract in the U.K. down 0.23% to 7,674.59.

Wall Street surges, with the S&P 500 achieving a new record closing high.

Wall Street surged on Thursday, as the S&P 500 climbed 1% to achieve a new record closing high. The Nasdaq composite also saw a 1.5% increase, driven by technology and growth stocks. Investor optimism about potential Federal Reserve rate cuts in the coming year played a significant role in the market’s positive momentum.

Indexes: Dow up 0.34%, S&P 500- up 1.03%, Nasdaq up 1.51%.

Corporate News:

Netflix, Inc. (NFLX) is up 1.81% at 608.51, Tesla, Inc (TSLA) is up 1.2% at 178.65, and Apple Inc. (AAPL) is down 0.7% at 169.00. Goldman Sachs Group Inc (GS) is down 0.29% at 388.43, and Morgan Stanley (MS) is up 0.56% at 86.14.

Key Economic Events & Data Release Today:

(EUR) GDP (QOQ) (Q4) Actual 0.0%, Previous –0.1% at 05:00.

(USD) Average Hourly Index (MoM) (Feb) Forecast 0.2%, Previous 0.6% at 08:30.

(USD) Nonfarm Payrolls (Feb) Forecast 198K, Previous 353K at 08:30.

(USD) Unemployment Rate (Feb) Forecast 3.7%, Previous 3.7% at 08:30.

(CAD) Employment Change (Feb) Forecast 21.1K, Previous 37.3K at 08:30.