. Daily Index Analysis - Global markets volatile, Nasdaq dips.

Daily Index Analysis – Global markets volatile, Nasdaq dips.

Daily Index Analysis – Global markets volatile, Nasdaq dips.

20 Mar 2024

Introduction:

Amid anticipation of the Federal Reserve’s rate decision, Asian markets mimic Wall Street’s ascent. The Shanghai composite rises by 0.55%, while the Nikkei 225 climbs 0.66% in Japan. Conversely, European markets open lower, with the DAX in Germany edging higher and the CAC 40 in France down. Meanwhile, U.S. stock futures remain stable as investors await the Fed’s monetary policy meeting for insights into future interest rate movements.

Market In Focus for today – Nasdaq 100

The NASDAQ 100 experienced a decline, triggering concerns among traders regarding potential actions or statements from the Federal Reserve scheduled for Wednesday.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 18208.24 | Positive Crossover | Bullish
  • MA 20: 18176.47 | Positive Crossover | Bullish
  • MA 50: 18014.20 | Positive Crossover | Bullish

Simple:

  • MA 5: 18187.09 | Positive Crossover | Bullish
  • MA 20: 18170.04| Positive Crossover | Bullish
  • MA 50: 18130.08 | Positive Crossover | Bullish

RSI (Relative Strength Index): 56.36| Buying Zone| Buy

Stochastic Oscillator: 85.62| Buy Zone | Positive

Resistance And Support Levels:

  • R1: 18434.72 | R2: 18963.35
  • S1: 17827.36| S2: 17141.26

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion: Limit Buy: 17917.34 | Take Profit: 18434.72| Stop Loss: 17624.90.

S&P 500:

The S&P 500 reaches a new all-time high as attention shifts to the upcoming Federal Reserve decision.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 5215.70 | Positive Crossover | Bullish
  • MA 20: 5196.29 | Positive Crossover | Bullish
  • MA 50: 5132.51 | Positive Crossover | Bullish

Simple:

  • MA 5: 5211.13 | Positive Crossover | Bullish
  • MA 20: 5194.65| Positive Crossover | Bullish
  • MA 50: 5148.85 | Positive Crossover | Bullish

RSI (Relative Strength Index): 65.04| Bullish Zone| Positive

Stochastic Oscillator: 73.37| Bullish Zone | Positive

Resistance And Support Levels:

  • R1: 5244.27 | R2: 5331.84
  • S1: 5057.96| S2: 4933.95

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion:  Limit Buy: 5119.88 | Take Profit: 5220.98| Stop Loss: 5062.74.

FTSE 100:

The FTSE 100 experiences a decline in anticipation of the Federal Reserve’s verdict, coinciding with softening UK inflation data.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 7704.02 | Negative Crossover | Bearish
  • MA 20: 7740.97 | Positive Crossover | Bullish
  • MA 50: 7716.60 | Positive Crossover | Bullish

Simple:

  • MA 5: 7745.71 | Negative Crossover | Bearish
  • MA 20: 7757.69| Negative Crossover | Bearish
  • MA 50: 7705.91| Positive Crossover | Bullish

RSI (Relative Strength Index): 52.05| Buy Zone| Positive

Stochastic Oscillator: 30.92| Sell Zone | Positive

Resistance And Support Levels:

  • R1: 7753.2 | R2: 7884.7
  • S1: 7716.8| S2: 7611.41

Overall Sentiment: Neutral | Market Direction: Sell

Trade Suggestion: StopSell: 7723.3 | Take Profit: 7639.4| Stop Loss: 7790.0.

DAX 40:

DAX Futures Flash Red as Investors Turn Cautious Pre-Fed.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 18025.62 | Positive Crossover | Bullish
  • MA 20: 17981.23 | Positive Crossover | Bullish
  • MA 50: 17814.74| Positive Crossover | Bullish

Simple:

  • MA 5: 18033.19| Positive Crossover | Bullish
  • MA 20: 17998.28| Positive Crossover | Bullish
  • MA 50: 17842.00| Positive Crossover | Bullish

RSI (Relative Strength Index): 62.35| Buy Zone| Bullish

Stochastic Oscillator: 42.97|Neutral Zone | Positive

Resistance And Support Levels:

  • R1: 18098.2 | R2: 18394.4
  • S1: 17802.0 | S2: 17462.4

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion:  Limit Buy: 17802.0 | Take Profit: 18091.0 | Stop Loss: 17628.6.

Elsewhere in the Indices Market:

Asian shares follow Wall St higher as markets await a rate decision by the Fed.

The Shanghai composite is up at 0.55%. Overall, the Singapore MSCI was down 0.01% to 290.27. Over in Hong Kong, the Hang Seng Index is up 0.08% to 16,543.07. In Japan, the Nikkei 225 was up 0.66% to 40,003.60, while the Topix index was up 1.06% to 2750.97. South Korea’s Kospi up 1.28% to 2,690.14. Australia S&P/ASX 200 is down 0.096% to, 7,695.80.

European stock markets opened lower on Wednesday as investors braced themselves for the upcoming interest rate decision by the US Federal Reserve.

The DAX futures contract in Germany traded 0.09 higher, CAC 40 futures in France down 0.63% to 8,149.74 and the UK 100 futures contract in the U.K. down 0.20% to 7,723.10.

Stock futures pause as investors await the Federal Reserve’s decision on interest rates.

On Wednesday, U.S. stock futures held steady as investors awaited the latest Federal Reserve monetary policy meeting. They anticipated updated projections from the central bank regarding the future direction of interest rates in the coming months.

Indexes: Dow down 0.01%, S&P 500- up 0.56%, Nasdaq up 0.39%.

Corporate News:

Netflix, Inc. (NFLX) is up 0.38% at 620.74, Tesla, Inc. (TSLA) is down 1.43% at 171.32, and Apple Inc. (AAPL) is up 1.36% at 176.08. Goldman Sachs Group Inc (GS) is up 1.12% at 388.66, and Morgan Stanley (MS) is up 0.52% at 88.42.

Key Economic Events & Data Release Today:

(GBP) CPI (YoY) Feb) Actual Forecast 3.5%, Previous 4.0% at 03:00.

(EUR) ECB President Lagarde Speaks at 04:45.

(USD) Fed Interest Rate Decision Forecast 5.50%, Previous 5.50% at 14:00.

(USD) FOMC Statement at 14:00.

(USD) FOMC Press Conference at 14:30.

(NZD) GDP (QoQ) (Q4) Forecast 0.1%, Previous –0.3% at 17:45.

(AUD) Employment Change (Feb) Forecast 40.2K, Previous 0.5K at 20:30.