. Daily Index Analysis - Markets surge, FTSE falters, DAX shines.

Daily Index Analysis – Markets surge, FTSE falters, DAX shines.

Daily Index Analysis – Markets surge, FTSE falters, DAX shines.

04 Mar 2024

Introduction:

In the indices market update, Asian stocks generally rise despite a slowdown in China’s factory activity. Key movements include the Shanghai Composite up 0.32% and Japan’s Nikkei 225 climbing 0.50%. Meanwhile, European stocks see gains driven by global optimism and inflation concerns. In the U.S., stock futures remain steady after the Nasdaq Composite broke its 2021 record, setting the stage for continued upward momentum.

Market In Focus for today – Nasdaq 100

The Nasdaq 100 achieved all-time highs amid a decline in the US dollar and weakening Treasury yields.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 18186.81 | Positive Crossover | Bullish
  • MA 20: 18061.44 | Positive Crossover | Bullish
  • MA 50: 17914.34 | Positive Crossover | Bullish

Simple:

  • MA 5: 18136.46 | Positive Crossover | Bullish
  • MA 20: 18061.32| Positive Crossover | Bullish
  • MA 50: 17914.28 | Positive Crossover | Bullish

RSI (Relative Strength Index): 67.34| Buy Zone| Buy

Stochastic Oscillator: 96/06| Buy Zone | Neutral

Resistance And Support Levels:

  • R1: 18376.65 | R2: 18755.76
  • S1: 17867.38| S2: 17376.92

Overall Sentiment: Positive | Market Direction: Buy

Trade Suggestion: Limit Buy: 17950.67 | Take Profit: 18376.35| Stop Loss: 17700.81.

S&P 500:

The S&P 500 reached new highs, and Nvidia crossed the $2 trillion mark as the rally persisted.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 5117.65 | Positive Crossover | Bullish
  • MA 20: 5099.39 | Positive Crossover | Bullish
  • MA 50: 5054.52 | Positive Crossover | Bullish

Simple:

  • MA 5: 5111.22 | Positive Crossover | Bullish
  • MA 20: 5099.37| Positive Crossover | Bullish
  • MA 50: 5054.15 | Positive Crossover | Bullish

RSI (Relative Strength Index): 68.52| Bullish Zone| Positive

Stochastic Oscillator: 97.71| Positive Zone | Positive

Resistance And Support Levels:

  • R1: 5146.66 | R2: 5232.99
  • S1: 5041.39| S2: 4931.91

Overall Sentiment: Bullish| Market Direction: Buy

Trade Suggestion:  Limit Buy: 5056.13 | Take Profit: 5146.66| Stop Loss: 5001.39.

FTSE 100:

The FTSE 100 index started marginally lower, with attention focused on the Spring Budget.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 7674.05 | Negative Crossover | Bearish
  • MA 20: 7680.62 | Negative Crossover | Bearish
  • MA 50: 7659.74 | Negative Crossover | Bearish

Simple:

  • MA 5: 7663.65 | Negative Crossover | Bearish
  • MA 20: 7680.54| Negative Crossover | Bearish
  • MA 50: 7659.71| Negative Crossover | Bearish

RSI (Relative Strength Index): 45.62| Neutral Zone| Neutral

Stochastic Oscillator: 69.00| Buy Zone | Neutral

Resistance And Support Levels:

  • R1: 7704.4 | R2: 7791.8
  • S1: 7604.1| S2: 7500.0

Overall Sentiment: Bearish | Market Direction: Sell

Trade Suggestion: Limit Sell: 7691.4 | Take Profit: 7604.1| Stop Loss: 7750.9.

DAX 40:

Today, the DAX Index is in the spotlight as Eurozone investor confidence takes center stage amidst discussions involving the ECB and Fed.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 17713.79 | Positive Crossover | Bullish
  • MA 20: 17609.85 | Positive Crossover | Bullish
  • MA 50: 17306.22| Positive Crossover | Bullish

Simple:

  • MA 5: 17727.07| Positive Crossover | Bullish
  • MA 20: 17609.95| Positive Crossover | Bullish
  • MA 50: 17306.26| Positive Crossover | Bullish

RSI (Relative Strength Index): 70.31| Buy Zone| Bullish

Stochastic Oscillator: 50.67|Buy Zone | Negative

Resistance And Support Levels:

  • R1: 17394.6 | R2: 17814.5
  • S1: 16901.2| S2: 16460.2

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion:  Limit Buy: 17268.6 | Take Profit: 17751.5| Stop Loss: 16995.6.

Elsewhere in the Indices Market:

Asian stock markets generally rise, and China Factory Activity Slows.

The Shanghai composite is up at 0.32%. Overall, the Singapore MSCI down 0.47% to 281.93. Over in Hong Kong, the Hang Seng Index down 0.39% to 16,524.59. In Japan, the Nikkei 225 up 0.50% to 40,109.23, while the Topix index was down 0.12% to 2706.28. South Korea’s Kospi up 1.21% to 2,674.27. Australia S&P/ASX 200 down 0.13% to, 7,735.80.

European stocks climb fuelled by global optimism, with a focus on inflation.

The DAX futures contract in Germany traded 0.32 higher, CAC 40 futures in France up 0.09% to 7,934.17 and the UK 100 futures contract in the U.K. up 0.69% to 7,682.50%.

U.S. stock futures show minimal movement following a Nasdaq surge to achieve a new record high.

Monday saw negligible shifts in U.S. stock futures, following the Nasdaq Composite’s Friday achievement of a new record high, surpassing its 2021 peak. Stocks aim to sustain their prolonged upward trend.

Indexes: Dow down 0.17%, S&P 500- up 0.52%, Nasdaq up 0.90%.

Corporate News:

Netflix, Inc. (NFLX) up 2.72% at 619.34, Tesla, Inc (TSLA) up 0.38% at 202.64, Apple Inc. (AAPL) down 0.60% at 179.66. Goldman Sachs Group Inc (GS) down 0.24% at 388.10, Morgan Stanley (MS) up 0.51% at 86.48.

Key Economic Events & Data Release Today:

(AUD) Building Approvals (MoM) (Jan) Forecast 3.8%, Previous –9.5% at 06:00. (USD) FOMC Member Harker Speaks at 21:30.