. Daily Index Analysis - Nasdaq 100 Climbs, FTSE 100 Hits Fresh Peak

Daily Index Analysis – Nasdaq 100 Climbs, FTSE 100 Hits Fresh Peak

Daily Index Analysis – Nasdaq 100 Climbs, FTSE 100 Hits Fresh Peak

15 May 2024


Introduction:

Global stocks show mixed reactions ahead of key US inflation data. Asian markets climb as the dollar weakens, with some dips in China and Hong Kong. European markets rise on hopes of easing inflation. US futures hold steady, with investors cautious before the inflation report that could impact rate cuts and meme stock momentum.

Market In Focus for today – Nasdaq 100

The NASDAQ 100 keeps pushing higher.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 18322.02 | Positive Crossover | Bullish
  • MA 20: 18240.18 | Positive Crossover | Bullish
  • MA 50: 18080.66 | Positive Crossover | Bullish

Simple:

  • MA 5: 18313.09 | Positive Crossover | Bullish
  • MA 20: 18251.32| Positive Crossover | Bullish
  • MA 50: 17973.06 | Positive Crossover | Bullish

RSI (Relative Strength Index): 71.17| Bullish Zone| Positive


Stochastic Oscillator: 100| Buying Zone | Positive

Resistance And Support Levels:

  • R1: 18470.16 | R2: 18706.22
  • S1: 18127.01| S2: 17871.76


Overall Sentiment: Bullish | Market Direction: Buy


Trade Suggestion: Buy Limit: 18248.39 | Take Profit: 18602.17| Stop Loss: 18040.29.

S&P 500:

S&P 500 flatlines as investors await inflation data.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 5252.22 | Positive Crossover | Bullish
  • MA 20: 5231.61 | Positive Crossover | Bullish
  • MA 50: 5190.33 | Positive Crossover | Bullish

Simple:

  • MA 5: 5252.39 | Positive Crossover | Bullish
  • MA 20: 5235.41| Positive Crossover | Bullish
  • MA 50: 5165.19 | Positive Crossover | Bullish

RSI (Relative Strength Index): 68.75 | Bullish Zone| Positive


Stochastic Oscillator: 74.17 | Buy Zone | Positive

Resistance And Support Levels:

  • R1: 5270.00 | R2: 5332.77
  • S1: 5126.18| S2: 5033.88


Overall Sentiment: Bullish | Market Direction: Buy


Trade Suggestion:  Buy Limit : 5183.82 | Take Profit: 5297.61| Stop Loss: 5110.80.

FTSE 100:

FTSE 100 hits fresh peak, with all eyes on US CPI release.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 8428.87 | Positive Crossover | Bullish
  • MA 20: 8385.25 | Positive Crossover | Bullish
  • MA 50: 8260.27 | Positive Crossover | Bullish

Simple:

  • MA 5: 8433.05 | Positive Crossover | Bullish
  • MA 20: 8400.35| Positive Crossover | Bullish
  • MA 50: 8241.09 | Positive Crossover | Bullish

RSI (Relative Strength Index): 66| Buy Zone| Bullish


Stochastic Oscillator: 29.73| Selling Zone | Neutral

Resistance And Support Levels:

  • R1: 8485.54 | R2: 8550.00
  • S1: 8364.30| S2: 8258.71


Overall Sentiment: Bullish | Market Direction: Buy


Trade Suggestion:  Buy Limit : 8292.2 | Take Profit: 8457.2| Stop Loss: 82210.

DAX 40:

DAX 40 poised for fresh highs, extending its upward climb.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 18749.40 | Positive Crossover | Bullish
  • MA 20: 18635.68 | Positive Crossover | Bullish
  • MA 50: 18408.04 | Positive Crossover | Bullish

Simple:

  • MA 5: 8776.56 | Positive Crossover | Bullish
  • MA 20: 8650.93| Positive Crossover | Bullish
  • MA 50: 18310.34 | Positive Crossover | Bullish

RSI (Relative Strength Index): 73.3| Bullish Zone| Positive


Stochastic Oscillator: 36.00| Selling Zone | Neutral

Resistance And Support Levels:

  • R1: 18858.3 | R2: 19065.0
  • S1: 18582.7| S2: 18286.5


Overall Sentiment: Bullish | Market Direction: Buy


Trade Suggestion:  Buy Limit : 18575.8 | Take Profit: 18865.2| Stop Loss: 18389.8.


Elsewhere in the Indices Market:


Asian markets climbed Wednesday as the dollar weakened after mixed U.S. inflation data.

The Shanghai composite is down at 0.82%. Overall, the Singapore MSCI down 0.01% to 306.43. Over in Hong Kong, the Hang Seng Index down 0.22% to 19,073.71. In Japan, the Nikkei 225 up 0.08% to 38,385.73, while the Topix index was down 0.01% to 2730.88. South Korea’s Kospi up 0.11% to 2,730.34. Australia S&P/ASX 200 up 0.35% to, 7,753.70.

European shares surge on improved inflation expectations.

The DAX futures contract in Germany traded 0.46 higher, CAC 40 futures in France down 0.17% to 8,211.53 and the UK 100 futures contract in the U.K. up 0.32% to 8,455.39.

US futures hold steady ahead of key inflation data.

US markets cautious near all-time highs as crucial inflation figures loom, potentially derailing hopes for interest rate cuts. Meme stocks see renewed interest following a recent surge.

Indexes: Dow down 0.11%, S&P 500- up 0.48%, Nasdaq up 0.75%.


Corporate News:

Netflix, Inc. (NFLX) down 0.48% at 613.66, Tesla, Inc (TSLA) up 3.29% at 177.55, Apple Inc. (AAPL) up 0.62% at 187.43. Goldman Sachs Group Inc (GS) up 1.08% at 458.47, Morgan Stanley (MS) up 0.83% at 99.38.



Key Economic Events & Data Release Today:

(EUR) GDP (YoY) (Q1) Forecast 0.4%, Previous 0.1% at 14:30.

(EUR) Industrial Production (MoM) (Mar) Forecast 0.5%, Previous 0.8% at 14:30.

(USD) Core Retail Sales (MoM) (Apr) Forecast 0.2%, Previous 1.1% at 18:00.

(USD) Retail Sales (MoM) (Apr) Forecast –0.4%, Previous 0.7% at 18:00.

(USD) CPI (MoM) (Apr) Forecast 0.4%, Previous 0.4% at 18:00.

(USD) Core CPI (MoM) (Apr) Forecast 0.3%, Previous 0.4% at 18:00.

(USD) CPI (YoY) (Apr) Forecast 3.4%, Previous 3.5% at 18:00.