. Daily Index Analysis - Keep track of market, tech turmoil.

Daily Index Analysis – Keep track of market, and tech turmoil.

Daily Index Analysis – Keep track of market, and tech turmoil.

19 Feb 2024

Introduction:

In the indices market, Asian shares grapple for momentum as China re-enters with subdued energy. The Shanghai Composite rises 1.56%, while Hong Kong’s Hang Seng Index drops 1.13%. European stocks pause nearing record levels. Meanwhile, on Wall Street, a decline ensues as robust producer price data dampens expectations for Federal Reserve interest rate cuts.

Market In Focus for today – Nasdaq 100

NASDAQ remains relatively unchanged as traders concentrate on profit-taking in the technology sector.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 17811.77 | Negative Crossover | Bearish
  • MA 20: 17862.00 | Negative Crossover | Bearish
  • MA 50: 17730.30 | Positive Crossover | Bullish

Simple:

  • MA 5: 17845.12 | Negative Crossover | Bearish
  • MA 20: 17862.02| Negative Crossover | Bearish
  • MA 50: 17730.42 | Positive Crossover | Bullish

RSI (Relative Strength Index): 47.21| Buy Zone| Buy

Stochastic Oscillator: 22.14| Sell Zone | Negative

Resistance And Support Levels:

  • R1: 39013.33 | R2: 39534.75
  • S1: 38231.22| S2: 37479.77

Overall Sentiment: Neutral | Market Direction: Sell

Trade Suggestion: Stop Sell: 17684.08 | Take Profit: 17259.36| Stop Loss: 17949.52.

S&P 500:

The previous week commenced with a breakdown gap in the S&P, followed by efforts to close multiple gaps. The S&P 500 might test its 50-day moving averages this week.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 5022.10 | Positive Crossover | Bullish
  • MA 20: 5020.80 | Positive Crossover | Bullish
  • MA 50: 4983.30 | Positive Crossover | Bullish

Simple:

  • MA 5: 5026.72 | Negative Crossover | Bearish
  • MA 20: 5020.82| Positive Crossover | Bullish
  • MA 50: 4983.31| Positive Crossover | Bullish

RSI (Relative Strength Index): 55.17| Bullish Zone| Positive

Stochastic Oscillator: 44.09| Neutral Zone | Positive

Resistance And Support Levels:

  • R1: 5051.76 | R2: 5101.02
  • S1: 4970.10| S2: 4896.22

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion:  Limit Buy: 4980.47 | Take Profit: 5050.47| Stop Loss: 4931.22.

FTSE 100:

FTSE faces challenges in extending gains as mining stocks decline.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 7667.80 | Positive Crossover | Bullish
  • MA 20: 7616.32 | Positive Crossover | Bullish
  • MA 50: 7640.75 | Positive Crossover | Bullish

Simple:

  • MA 5: 7652.29 | Positive Crossover | Bullish
  • MA 20: 7613.34| Positive Crossover | Bullish
  • MA 50: 7640.76| Positive Crossover | Bullish

RSI (Relative Strength Index): 68.01| Buy Zone| Bullish

Stochastic Oscillator: 96.16| Buy Zone | Positive

Resistance And Support Levels:

  • R1: 7791.8 | R2: 7869.9
  • S1: 7695.1| S2: 7574.3

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion:  Limit Buy: 7713.7 | Take Profit: 7791.8| Stop Loss: 7665.4.

Dax 40:

European stock markets opened the new week with a subdued tone, trading marginally lower on Monday, as the US market observed a holiday.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 17104.08 | Positive Crossover | Bullish
  • MA 20: 17052.25 | Positive Crossover | Bullish
  • MA 50: 17040.80 | Positive Crossover | Bullish

Simple:

  • MA 5: 17105.00| Positive Crossover | Bullish
  • MA 20: 17052.02| Positive Crossover | Bullish
  • MA 50: 17040.80| Positive Crossover | Bullish

RSI (Relative Strength Index): 55.11| Buy Zone| Bullish

Stochastic Oscillator: 72.02|Buy Zone | Positive

Resistance And Support Levels:

  • R1: 17251.5 | R2: 17379.7
  • S1: 17099.2| S2: 16886.8

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion:  Limit Buy: 17011.0 | Take Profit: 17195.4| Stop Loss: 16914.8.

Elsewhere in the Indices Market:

Asian shares struggle for momentum as China re-enters the market with subdued energy.

The Shanghai composite is up at 1.56%. Overall, the Singapore MSCI up 0.58% to 288.93. Over in Hong Kong, the Hang Seng Index down 1.13% to 16,155.61. In Japan, the Nikkei 225 was down 0.04% to 38,470.38, while the Topix index was up 0.57% to 2639.69. South Korea’s Kospi up 1.19% to 2,680.26. Australia S&P/ASX 200 is up 0.089% to, 7,665.10.

European stocks take a breather after running to Near Records.

The DAX futures contract in Germany traded 0.33 lower, CAC 40 futures in France down 0.42% to 7,735.35 and the UK 100 futures contract in the U.K. up 0.07% to 7,7717.49%.

Wall Street declines as robust producer price data dampens expectations for interest rate cuts.

On Friday, U.S. stocks experienced a decline, particularly the Nasdaq, as hopes for imminent interest rate cuts by the Federal Reserve diminished due to producer prices report that exceeded expectations.

Indexes: Dow down 0.38%, S&P 500- up 0.48%, Nasdaq down 0.82%.

Corporate News:

Netflix, Inc. (NFLX) is down 1.60% at 583.95, Tesla, Inc. (TSLA) is down 0.25% at 199.95, and Apple Inc. (AAPL) is down 0.84% at 182.81. Goldman Sachs Group Inc (GS) is down 0.25% at 384.44, and Morgan Stanley (MS) is up 0.97% at 86.50.

Key Economic Events & Data Release Today:

(AUD) RBA Meeting Minutes at 19:30.

(CNY) PBoC Loan Prime Rate (Feb) Forecast 3.45%, Previous 3.45% at 20:45.