. Daily Index Analysis - Market rebound, record highs, inflation concerns.

Daily Index Analysis – Market rebound, record highs, inflation concerns.

Daily Index Analysis – Market rebound, record highs, inflation concerns.

11 Mar 2024

Introduction:

In the global indices market, Asian equities present a mixed picture, accompanied by the strengthening Japanese yen against the US dollar. Notably, the Shanghai Composite rises by 0.74%, while Singapore MSCI records a 0.75% decline. European equities retreat from recent all-time highs amidst mounting uncertainty, with DAX, CAC 40, and UK 100 futures down. Meanwhile, U.S. stock futures experience a slight decline following the Dow’s worst week since October, setting the tone for the day amid anticipation of fresh inflation data.

Market In Focus for today – Nasdaq 100

The NASDAQ 100 experienced a slight dip throughout the previous week but subsequently rebounded, displaying renewed vitality as the market maintained substantial momentum overall.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 18082.28 | Negative Crossover | Bearish
  • MA 20: 18093.01 | Negative Crossover | Bearish
  • MA 50: 18010.63 | Positive Crossover | Bullish

Simple:

  • MA 5: 18109.84 | Negative Crossover | Bearish
  • MA 20: 18152.20| Negative Crossover | Bearish
  • MA 50: 17990.70 | Negative Crossover | Bullish

RSI (Relative Strength Index): 43.27| Neutral Zone| Neutral

Stochastic Oscillator: 4.93| Sell Zone | Negative

Resistance And Support Levels:

  • R1: 18349.60 | R2: 18822.47
  • S1: 17942.94| S2: 17375.49

Overall Sentiment: Neutral | Market Direction: Sell

Trade Suggestion: Limit Sell: 17838.90 | Take Profit: 17375.49| Stop Loss: 18160.46.

S&P 500:

The S&P 500 achieved a fresh record peak as US job growth for February totaled 275,000.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

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

Simple:

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

RSI (Relative Strength Index): 47.2| Bullish Zone| Positive

Stochastic Oscillator: 14.43| Bearish Zone | Negative

Resistance And Support Levels:

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

Overall Sentiment: Neutral| Market Direction: Sell

Trade Suggestion:  Limit Sell: 5139.54 | Take Profit: 5059.21| Stop Loss: 5192.52.

FTSE 100:

London’s FTSE 100 is expected to start the week on a lower note as attention shifts to a scheduled US inflation reading on Tuesday.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 7665.43 | Negative Crossover | Bearish
  • MA 20: 7669.24 | Negative Crossover | Bearish
  • MA 50: 7667.84 | Positive Crossover | Bullish

Simple:

  • MA 5: 7677.04 | Negative Crossover | Bearish
  • MA 20: 7670.78| Negative Crossover | Bearish
  • MA 50: 7685.35| Positive Crossover | Bullish

RSI (Relative Strength Index): 42.32| Neutral Zone| Neutral

Stochastic Oscillator: 16.38| Sell 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: StopSell: 7629.1 | Take Profit: 7571.6| Stop Loss: 7669.8.

EURO STOXX 50:

In early Monday trading, European stock indexes mostly showed declines from last week’s record highs, reflecting uncertainty over the economic outlook as traders awaited upcoming U.S. inflation data later in the week.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 4943.83 | Negative Crossover | Bearish
  • MA 20: 4930.33 | Negative Crossover | Bearish
  • MA 50: 4876.37| Positive Crossover | Bullish

Simple:

  • MA 5: 4952.06| Negative Crossover | Bearish
  • MA 20: 4929.65| Negative Crossover | Bearish
  • MA 50: 4877.02| Positive Crossover | Bullish

RSI (Relative Strength Index): 55| Buy Zone| Bullish

Stochastic Oscillator: 10.84|Sell Zone | Negative

Resistance And Support Levels:

  • R1: 4995 | R2: 5078
  • S1: 4917| S2: 4800

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion:  Limit Buy: 4871 | Take Profit: 4995| Stop Loss: 4800.

Elsewhere in the Indices Market:

Asian equities mixed, while the Japanese yen continues to strengthen against the US dollar.

The Shanghai composite is up at 0.74%. Overall, the Singapore MSCI is down 0.75% to 285.98. Over in Hong Kong, the Hang Seng Index is up 1.43% to 16,587.57. In Japan, the Nikkei 225 was up 2.19% to 38,820.49, while the Topix index was down 2.20% to 2666.83. South Korea’s Kospi down 0.77% to 2,659.84. Australia S&P/ASX 200 is down 1.82% to, 7,704.20.

European equities retreat from all-time highs amid increasing uncertainty.

The DAX futures contract in Germany traded 0.58 lower, CAC 40 futures in France down 0.24% to 8,008.90, and the UK 100 futures contract in the U.K. down 0.49% to 7,622.04.

Stock futures fall slightly after Dow’s worst week since October.

On Monday, U.S. stock futures declined, poised to prolong the losses from the previous week, as investors prepared for the release of new inflation data.

Indexes: Dow down 0.04%, S&P 500- down 0.4%, Nasdaq down 0.6%.

Corporate News:

Netflix, Inc. (NFLX) is up 0.61% at 604.82, Tesla, Inc. (TSLA) is down 1.85% at 175.34, and Apple Inc. (AAPL) is down 0.7% at 169.00. Goldman Sachs Group Inc (GS) is down 0.37% at 386.99, and Morgan Stanley (MS) is up 1.04% at 87.04.

Key Economic Events & Data Release Today:

(AUD) Building Approvals (MoM) Forecast –1.0%, Previous –10.1% at 20:30.