. Daily Index Analysis - Master markets with expert insights.

Daily Index Analysis – Master markets with expert insights.

Daily Index Analysis – Master markets with expert insights.

27 Mar 2024

Introduction:

Asian stock markets show a mixed trend following losses on Wall Street, with the Nikkei 225 and Topix index rising in Japan while other indices like the Shanghai composite and Hang Seng Index decline. European shares remain subdued as investors await economic indicators. Meanwhile, U.S. stocks register a third straight decline, with investors closely monitoring inflation data amid a shortened trading week.

Market In Focus for today – Nasdaq 100

The overall sentiment for the NASDAQ 100 remains bullish, bit hesitant this week.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 18516.96 | Negative Crossover | Bearish
  • MA 20: 18465.04 | Positive Crossover | Bullish
  • MA 50: 18312.91 | Positive Crossover | Bullish

Simple:

  • MA 5: 18532.09 | Negative Crossover | Bearish
  • MA 20: 18486.89| Positive Crossover | Bullish
  • MA 50: 18269.99 | Positive Crossover | Bullish

RSI (Relative Strength Index): 56.96| Buying Zone| Buy

Stochastic Oscillator: 10.48| Sell Zone | Negative

Resistance And Support Levels:

  • R1: 18696.31 | R2: 19070.90
  • S1: 18820.11| S2: 17822.28

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion: Limit Buy: 18176.06 | Take Profit: 18696.31| Stop Loss: 17895.12.

S&P 500:

S&P 500 notches three-day losing streak.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 5281.25 | Negative Crossover | Bearish
  • MA 20: 5267.55 | Positive Crossover | Bullish
  • MA 50: 5214.06 | Positive Crossover | Bullish

Simple:

  • MA 5: 5284.34 | Negative Crossover | Bearish
  • MA 20: 5274.53| Positive Crossover | Bullish
  • MA 50: 5203.00 | Positive Crossover | Bullish

RSI (Relative Strength Index): 60.52| Bullish Zone| Positive

Stochastic Oscillator: 10.9| Sell Zone | Neutral

Resistance And Support Levels:

  • R1: 5315.27 | R2: 5398.60
  • S1: 5221.25| S2: 5110.14

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion:  Limit Buy : 5198.15 | Take Profit: 5296.19| Stop Loss: 5147.13.

FTSE 100:

The FTSE 100 declines amidst uncertainty surrounding US inflation data.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 7920.27 | Negative Crossover | Bearish
  • MA 20: 7882.06 | Positive Crossover | Bullish
  • MA 50: 7806.54 | Positive Crossover | Bullish

Simple:

  • MA 5: 7937.32 | Negative Crossover | Bearish
  • MA 20: 7866.95| Positive Crossover | Bullish
  • MA 50: 7778.13| Positive Crossover | Bullish

RSI (Relative Strength Index): 61.23| Buy Zone| Positive

Stochastic Oscillator: 34.54| Sell Zone | Negative

Resistance And Support Levels:

  • R1: 7987.4 | R2: 8057.8
  • S1: 7879.8| S2: 7786.7

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion: Limit Buy: 7844.6 | Take Profit: 7964.7| Stop Loss: 7765.9.

Euro Stoxx 50:

European stocks started Wednesday’s session without significant change after reaching a record high in the previous session. Investors are anticipating further economic data scheduled for release later this week.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 5065.7 | Positive Crossover | Bullish
  • MA 20: 5050.1 | Positive Crossover | Bullish
  • MA 50: 5004.2| Positive Crossover | Bullish

Simple:

  • MA 5: 5071.7| Positive Crossover | Bullish
  • MA 20: 5053.8| Positive Crossover | Bullish
  • MA 50: 5002.69| Positive Crossover | Bullish

RSI (Relative Strength Index): 67.06| Buy Zone| Bullish

Stochastic Oscillator: 67.02|Buying Zone | Positive

Resistance And Support Levels:

  • R1: 5092 | R2: 5222
  • S1: 4982 | S2: 4853

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion:  Limit Buy : 4946 | Take Profit: 5087 | Stop Loss: 4847.

Elsewhere in the Indices Market:

Asian stocks trades mixed following overnight loss on Wall Street.

The Shanghai composite is down at 1.26%. Overall, the Singapore MSCI down 0.25% to 294.12. Over in Hong Kong, the Hang Seng Index down 1.36% to 16,392.84. In Japan, the Nikkei 225 up 0.80% to 40,762.73, while the Topix index was up 0.66% to 2799.28. South Korea’s Kospi down 0.07% to 2,755.11. Australia S&P/ASX 200 up 0.51% to, 7,819.60.

European shares muted ahead of economic data.

The DAX futures contract in Germany traded 0.44 higher, CAC 40 futures in France up 0.21% to 8,202.34 and the UK 100 futures contract in the U.K. down 0.30% to 7,907.12.

U.S. stocks continue their third consecutive decline as investors keep a close watch on inflation data.

On Tuesday, U.S. stocks experienced a decline, relinquishing slight advances towards the end of the session, leading to the third consecutive drop for the Dow and S&P 500. Investors remained cautious as they awaited economic data in a week shortened by the holiday, seeking insights into the Federal Reserve’s future policy decisions.

Indexes: Dow down 0.08%, S&P 500- down 0.28%, Nasdaq down 0.42%.

Corporate News:

Netflix, Inc. (NFLX) up 0.28% at 629.24, Tesla, Inc (TSLA) up 2.92% at 177.67, Apple Inc. (AAPL) down 0.67% at 169.71. Goldman Sachs Group Inc (GS) up 0.31% at 406.18, Morgan Stanley (MS) down 0.88% at 91.14.

Key Economic Events & Data Release Today:

(NZD) ANZ Business Confidence (Mar) Previous 34.7 at 17:30.

(USD) Crude Oil Inventories Forecast –1.000M, Previous –1.952M at 20:00