. Daily Index Analysis - Nasdaq 100 Holds Steady.

Daily Index Analysis – Nasdaq 100 Holds Steady.

Daily Index Analysis – Nasdaq 100 Holds Steady.

13 May 2024


Introduction:

Amidst varied movements across global indices, Asian markets exhibit uncertainty influenced by conflicting signals from China. European markets experience a dip as traders brace for the impending U.S. inflation data. Meanwhile, U.S. futures show marginal gains, signalling the beginning of a pivotal week marked by scrutiny of inflation figures amid evolving expectations concerning Federal Reserve interest rate adjustments.

Market In Focus for today – Nasdaq 100

NASDAQ 100 Continues to Find Buyers.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 18232.87 | Positive Crossover | Bullish
  • MA 20: 18149.17 | Positive Crossover | Bullish
  • MA 50: 18008.91 | Positive Crossover | Bullish

Simple:

  • MA 5: 18234.26 | Positive Crossover | Bullish
  • MA 20: 18180.09| Positive Crossover | Bullish
  • MA 50: 17868.13 | Positive Crossover | Bullish

RSI (Relative Strength Index): 69.39| Bullish Zone| Positive


Stochastic Oscillator: 91.24| Buying Zone | Positive

Resistance And Support Levels:

  • R1: 18376.06 | R2: 18698.45
  • S1: 17397.92| S2: 17615.53


Overall Sentiment: Bullish | Market Direction: Buy


Trade Suggestion: Buy Limit: 18145.80 | Take Profit: 18400.27| Stop Loss: 17990.30.

S&P 500:

On Monday, stock futures inched up, signalling optimism on Wall Street as investors turn their focus towards upcoming inflation data. The S&P is poised for further gains, with investors seeking clues on the Federal Reserve’s monetary policy direction.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 5235.01 | Positive Crossover | Bullish
  • MA 20: 5209.67 | Positive Crossover | Bullish
  • MA 50: 5172.37 | Positive Crossover | Bullish

Simple:

  • MA 5: 5234.13 | Positive Crossover | Bullish
  • MA 20: 5211.84| Positive Crossover | Bullish
  • MA 50: 5141.19 | Positive Crossover | Bullish

RSI (Relative Strength Index): 71.78 | Bullish Zone| Positive


Stochastic Oscillator: 79.87| Buy Zone | Neutral

Resistance And Support Levels:

  • R1: 5265.00 | 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:

The FTSE 100 index remains close to historic levels as attention shifts to a significant week of corporate earnings announcements.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 8396.72 | Positive Crossover | Bullish
  • MA 20: 8340.02 | Positive Crossover | Bullish
  • MA 50: 8212.07 | Positive Crossover | Bullish

Simple:

  • MA 5: 8403.22 | Positive Crossover | Bullish
  • MA 20: 8331.26| Positive Crossover | Bullish
  • MA 50: 8173.87 | Positive Crossover | Bullish

RSI (Relative Strength Index): 72.44| Buy Zone| Bullish


Stochastic Oscillator: 35.07| Selling Zone | Negative

Resistance And Support Levels:

  • R1: 8455.54 | R2: 8524.35
  • 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.

Euro Stoxx 50:

On Monday, European stocks experienced widespread declines amidst a cautious atmosphere as markets braced for a busy week ahead. Investors are particularly attentive to upcoming economic data releases from the U.S., which are expected to influence global risk sentiment.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 5059.23 | Positive Crossover | Bullish
  • MA 20: 5031.62 | Positive Crossover | Bullish
  • MA 50: 5004.05 | Positive Crossover | Bullish

Simple:

  • MA 5: 5061.06 | Positive Crossover | Bullish
  • MA 20: 5014.79| Positive Crossover | Bullish
  • MA 50: 4084.08 | Positive Crossover | Bullish

RSI (Relative Strength Index): 65.86| Bullish Zone| Positive


Stochastic Oscillator: 77.64| Buy Zone | Negative

Resistance And Support Levels:

  • R1: 5092 | R2: 5141
  • S1: 5032| S2: 4936


Overall Sentiment: Bullish | Market Direction: Buy


Trade Suggestion:  Buy Limit : 5020 | Take Profit: 5104| Stop Loss: 4974.


Elsewhere in the Indices Market:


Asian stock markets are jittery amidst conflicting signals from China.

The Shanghai composite is down at 0.21%. Overall, the Singapore MSCI down 0.20% to 305.23. Over in Hong Kong, the Hang Seng Index up 0.80% to 19,115.06. In Japan, the Nikkei 225 down 0.33% to 38,104.29, while the Topix index was down 0.15% to 2724.08. South Korea’s Kospi down 0.40% to 2,716.73. Australia S&P/ASX 200 up 0.01% to, 7,750.00.

European markets dip as traders anticipates the upcoming U.S. inflation data.

The DAX futures contract in Germany traded 0.20 lower, CAC 40 futures in France down 0.22% to 8,201.32 and the UK 100 futures contract in the U.K. down 0.16% to 8,419.87.

U.S futures make slight gains, with attention on inflation data.

U.S. stock futures are showing slight gains on Monday, kicking off a busy week packed with inflation data. Investors will closely analyse these figures amidst changing expectations regarding the timing and extent of potential interest rate cuts by the Federal Reserve in the coming year.

Indexes: Dow up 0.11%, S&P 500- up 0.16%, Nasdaq down 0.3%.


Corporate News:

Netflix, Inc. (NFLX) down 0.20% at 610.87, Tesla, Inc (TSLA) down 2.04% at 168.47, Apple Inc. (AAPL) down 0.69% at 183.05. Goldman Sachs Group Inc (GS) down 0.18% at 454.73, Morgan Stanley (MS) up 0.17% at 98.28.



Key Economic Events & Data Release Today:

(NZD) Inflation Expectations (QoQ) Previous 2.5% at 08:30.

(CAD) Building Permits (MoM) (Mar) Forecast –4.6%, Previous 9.3% at 18:00.

(USD) FOMC Member Mester Speaks at 18:30.