. Daily Index Analysis - Inflation Concerns, Data Awaited.

Daily Index Analysis – Inflation Concerns, Data Awaited.

Daily Index Analysis – Inflation Concerns, Data Awaited.

27 Jun 2024


Introduction:

Asian shares mostly declined on Thursday ahead of a key US inflation report, while European stocks edged down amid global inflation concerns. US stock futures also dipped following disappointing guidance from Micron and in anticipation of key economic data releases.

Market In Focus for today – Nasdaq 100

NASDAQ 100 Remains Volatile.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 19947.65 | Positive Crossover | Bullish
  • MA 20: 19943.27 | Positive Crossover | Bullish
  • MA 50: 19709.01 | Positive Crossover | Bullish

Simple:

  • MA 5: 19907.69 | Negative Crossover | Bearish
  • MA 20: 20012.29| Positive Crossover | Bullish
  • MA 50: 19716.19 | Positive Crossover | Bullish

RSI (Relative Strength Index): 55.27| Buy Zone| Bullish


Stochastic Oscillator: 57.58| Buy Zone | Bullish

Resistance And Support Levels:

  • R1: 20028.20 | R2: 20368.57
  • S1: 19631.09| S2: 19154.57


Overall Sentiment: Bullish | Market Direction: Buy


Trade Suggestion: Buy Limit : 19585.71 | Take Profit: 20266.46| Stop Loss: 19211.30.

S&P 500:

S&P 500 Continues to Inch Upward.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 5531.62 | Positive Crossover | Bullish
  • MA 20: 5526.07 | Positive Crossover | Bullish
  • MA 50: 5476.45 | Positive Crossover | Bullish

Simple:

  • MA 5: 5528.47 | Positive Crossover | Bullish
  • MA 20: 5540.73| Negative Crossover | Bearish
  • MA 50: 5471.03 | Positive Crossover | Bullish

RSI (Relative Strength Index): 57.32|Buy Zone | Positive


Stochastic Oscillator: 35.94| Sell Zone | Positive

Resistance And Support Levels:

  • R1: 5584.80 | R2: 5657.40
  • S1: 5482.71| S2: 5328.89


Overall Sentiment: Bullish| Market Direction: Buy


Trade Suggestion: Buy Limit : 5439.61 | Take Profit: 5557.58| Stop Loss: 5380.62.

FTSE 100:

The FTSE 100 remained steady, while European indexes saw slight gains following a turbulent day of trading in Asia.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 8237.67 | Positive Crossover | Bullish
  • MA 20: 8237.62 | Positive Crossover | Bullish
  • MA 50: 8238.62 | Positive Crossover | Bullish

Simple:

  • MA 5: 8255.12 | Positive Crossover | Bullish
  • MA 20: 8245.97| Positive Crossover | Bullish
  • MA 50: 8227.02 | Positive Crossover | Bearish

RSI (Relative Strength Index): 46.99| Buy Zone| Bullish


Stochastic Oscillator: 21.79| Sell Zone | Neutral

Resistance And Support Levels:

  • R1: 8260.2 | R2: 8374.3
  • S1: 8148.7| S2: 8029.7


Overall Sentiment: Neutral | Market Direction: Sell


Trade Suggestion: Sell Limit : 8314.2 | Take Profit: 8451.7| Stop Loss: 8217.5.

Euro Stoxx 50:

European stocks declined on Thursday as traders remained cautious ahead of key inflation data. Markets were also vigilant for potential intervention by Japanese authorities following further declines in the yen.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 4920.81 | Negative Crossover | Bearish
  • MA 20: 4923.20 | Negative Crossover | Bearish
  • MA 50: 4946.47 | Negative Crossover | Bearish

Simple:

  • MA 5: 4927.05 | Negative Crossover | Bearish
  • MA 20: 4920.53| Negative Crossover | Bearish
  • MA 50: 4956.02 | Negative Crossover | Bearish

RSI (Relative Strength Index): 46.17| Neutral Zone| Neutral


Stochastic Oscillator: 27.41| Sell Zone | Negative

Resistance And Support Levels:

  • R1: 4969 | R2: 5038
  • S1: 4906| S2: 4832


Overall Sentiment: Neutral | Market Direction: Sell


Trade Suggestion: Sell Limit : 4894 | Take Profit: 4832| Stop Loss: 4943.


Elsewhere in the Indices Market:

Asian shares mostly decline ahead of a key US inflation report.

The Shanghai composite is down at 0.90%. Overall, the Singapore MSCI up 1.26% to 317.30. Over in Hong Kong, the Hang Seng Index down 2.06% to 17,716.47. In Japan, the Nikkei 225 down 0.82% to 39,341.54, while the Topix index was down 0.33% to 2793.70. South Korea’s Kospi down 0.29% to 2,784.06. Australia S&P/ASX 200 down 0.30% to, 7,759.60.

European stocks edged down on Thursday as investors grappled with global inflation concerns.

The DAX futures contract in Germany traded 0.31 up, CAC 40 futures in France down 0.49% to 7,571.63 and the UK 100 futures contract in the U.K. down 0.25% to 8,205.09.

US stock futures dip; chipmakers decline following Micron’s disappointing performance.

U.S. stock index futures fell on Thursday, pulling back after Micron’s disappointing guidance and in anticipation of key economic data releases.

Indexes: Dow down 0.2%, S&P 500- up 0.1%, Nasdaq up 0.1%.

Corporate News:

Netflix, Inc. (NFLX) up 0.79% at 677.69, Tesla, Inc (TSLA) up 4.81% at 196.37, Apple Inc. (AAPL) up 2.00% at 213.25. Goldman Sachs Group Inc (GS) down 0.33% at 455.86, Morgan Stanley (MS) down 0.93% at 96.89.



Key Economic Events & Data Release Today:

(GBP) BoE Gov Bailey Speaks at 05:30.

(USD) GDP (QoQ) (Q1) Forecast 1.3%, Previous 3.4% at 08:30.

(USD) Initial Jobless Claims Forecast 236K, Previous 238K at 08:30.

(USD) Pending Home Sales (MoM) (May) Forecast 0.6%, Previous –7.7% at 10:00.

(JPY) Industrial Production (MoM) (May) Forecast 2.0%, Previous –0.9% at 19:15.