. Daily Index Analysis - Global markets surge, tech leads rally.

Daily Index Analysis – Global markets surge, tech leads rally.

Daily Index Analysis – Global markets surge, tech leads rally.

24 Apr 2024

Introduction:

Global markets show resilience with Asian indices rallying on the back of tech sector surges while keeping a wary watch on the yen’s potential intervention. In Asia, key indices like the Nikkei 225 and Hang Seng soared, with European markets following suit, signalling a positive trajectory. Meanwhile, on Wall Street, upbeat earnings reports fuel optimism as investors scrutinize the performance of major growth stocks.

Market In Focus for today – Nasdaq 100

Initially dipping during the Previous session, the NASDAQ 100 has since reversed course, displaying signs of resurgence.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 17543.45 | Positive Crossover | Bullish
  • MA 20: 17614.28 | Positive Crossover | Bullish
  • MA 50: 17872.86 | Negative Crossover | Bearish

Simple:

  • MA 5: 17411.20 | Positive Crossover | Bullish
  • MA 20: 17561.62| Positive Crossover | Bullish
  • MA 50: 17983.26 | Negative Crossover | Bearish

RSI (Relative Strength Index): 51.62| Buy Zone| Bullish

Stochastic Oscillator: 99.88| Buying Zone | Positive

Resistance And Support Levels:

  • R1: 17789.13 | R2: 18260.32
  • S1: 17375.79| S2: 17003.80

Overall Sentiment: Neutral | Market Direction: Buy

Trade Suggestion: Stop Buy: 17921.39 | Take Profit: 18351.26| Stop Loss: 17656.86.

S&P 500:

S&P 500 futures edge upwards following earnings that propel the index to its second consecutive day of gains.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 5079.69 | Positive Crossover | Bullish
  • MA 20: 5085.23 | Positive Crossover | Bullish
  • MA 50: 5136.00 | Negative Crossover | Bearish

Simple:

  • MA 5: 5056.86 | Positive Crossover | Bullish
  • MA 20: 5064.68| Positive Crossover | Bullish
  • MA 50: 5160.02 | Negative Crossover | Bearish

RSI (Relative Strength Index): 53.66 | Positive Zone| Bullish

Stochastic Oscillator: 98.71| Buy Zone | Neutral

Resistance And Support Levels:

  • R1: 5150.58 | R2: 5280.03
  • S1: 5052.30| S2: 4956.41

Overall Sentiment: Neutral | Market Direction: Buy

Trade Suggestion:  Buy Limit: 5109.43 | Take Profit: 5198.93| Stop Loss: 5061.49.

FTSE 100:

The FTSE 100 continues its record-breaking streak fuelled by optimism surrounding earnings.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 8045.14 | Positive Crossover | Bullish
  • MA 20: 7999.98 | Positive Crossover | Bullish
  • MA 50: 7950.59 | Positive Crossover | Bullish

Simple:

  • MA 5: 8036.93 | Positive Crossover | Bullish
  • MA 20: 7952.15| Positive Crossover | Bullish
  • MA 50: 7955.89 | Positive Crossover | Bullish

RSI (Relative Strength Index): 66.1| Buy Zone| Bullish

Stochastic Oscillator: 94.78| Positive Zone | Neutral

Resistance And Support Levels:

  • R1: 8134.1 | R2: 8226.7
  • 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 commenced Wednesday on a positive note, extending the upward trend observed since the week’s outset.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 4993.07 | Positive Crossover | Bullish
  • MA 20: 4979.47 | Positive Crossover | Bullish
  • MA 50: 4989.06 | Positive Crossover | Bullish

Simple:

  • MA 5: 4979.05 | Positive Crossover | Bullish
  • MA 20: 4956.85 | Positive Crossover | Bullish
  • MA 50: 5002.42 | Positive Crossover | Bullish

RSI (Relative Strength Index): 60.44| Buy Zone| Bullish

Stochastic Oscillator: 99.02| Bullish Zone | Positive

Resistance And Support Levels:

  • R1: 5050 | R2: 5142
  • S1: 4971 | S2: 4884

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion:  Stop Buy  : 5067 | Take Profit: 5142 | Stop Loss: 5016.

Elsewhere in the Indices Market:

Asian markets ascend driven by tech sector gains, with a cautious eye on the yen for potential intervention.

The Shanghai composite is up at 0.76%. Overall, the Singapore MSCI is up 1.18 to 304.10. Over in Hong Kong, the Hang Seng Index up 2.21% to 17,201.27. In Japan, the Nikkei 225 up 2.42% to 38,460.08, while the Topix index was up 1.67% to 2710.73. South Korea’s Kospi up 2.01% to 2,675.75. Australia S&P/ASX 200 is down 0.065% to, 7,683.00.

European markets climb higher as positive momentum builds.

The DAX futures contract in Germany traded 0.29 higher, CAC 40 futures in France up 0.39% to 8,137.45 and the UK 100 futures contract in the U.K. up 0.52% to 8,086.65.

Wall Street concludes with gains as investors digest earnings reports.

U.S. stocks ended the day with gains on Tuesday, buoyed by upbeat earnings from leading firms and with investors closely monitoring quarterly results from major growth stocks, including the Magnificent Seven.

Indexes: Dow up 0.69%, S&P 500- up 1.20%, Nasdaq up 1.59%.

Corporate News:

Netflix, Inc. (NFLX) up 4.17% at 577.75, Tesla, Inc (TSLA) up 1.85% at 144.68, Apple Inc. (AAPL) up 0.59% at 166.82. Goldman Sachs Group Inc (GS) up 1.59% at 424.00, Morgan Stanley (MS) up 1.81% at 93.76.

Key Economic Events & Data Release Today:

(AUD) CPI (QoQ) (Q1) Forecast 0.8%, Previous 0.6%% at 07:00.

(EUR) German Ifo Business Climate Index (Apr) Forecast 88.9, Previous 87.8 at 13:30.

(USD) Durable Goods Order (MoM) (Mar) Forecast 2.5%, Previous 1.3% at 18:00.

(CAD) Core Retail Sales (MoM) (Feb) Forecast 0.0%, Previous 0.5% at 18:00.