. Daily Index Analysis - Nasdaq 100 Rides Rollercoaster Amid Fed Rate Speculations.

Daily Index Analysis – Nasdaq 100 Rides Rollercoaster Amid Fed Rate Speculations.

Daily Index Analysis – Nasdaq 100 Rides Rollercoaster Amid Fed Rate Speculations.

06 Dec 2023

Introduction:

In the global indices market, Asian stocks rise as Fed rate cut expectations counter China concerns. Meanwhile, European equities largely outperform amidst hopes for an ECB rate cut. Wall Street closes with a mixed performance, influenced by job openings indicating potential economic slowdown, fueling expectations of a U.S. Federal Reserve rate cut in March.

Market In Focus for today – Nasdaq 100

On Tuesday, Wall Street concluded with a varied performance as recent employment data increased speculations that the U.S. Federal Reserve might implement an interest rate cut as early as March.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 15916.73 | Positive Crossover | Bullish
  • MA 20: 15962.28 | Positive Crossover | Bullish
  • MA 50: 15846.51 | Positive Crossover | Bullish

Simple:

  • MA 5: 15903.54 | Positive Crossover | Bullish
  • MA 20: 15986.98| Negative Crossover | Bearish
  • MA 50: 15948.77 | Positive Crossover | Bullish

RSI (Relative Strength Index): 51.11| Buy Zone| Bullish

Stochastic Oscillator: 13.37 Sell Zone | Positive

Resistance And Support Levels:

  • R1: 16069.85 | R2: 16415.51
  • S1: 15716.99| S2: 15248.91

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion: Stop Buy : 16134.66 | Take Profit: 16415.51| Stop Loss: 15969.03.

Elsewhere in the Indices Market

Asian equities rise as Fed rate cut bets offset China fears.

The Shanghai composite is down at 0.11%. Overall, the Singapore MSCI down 0.10% to 271.38. Over in Hong Kong, the Hang Seng Index up 0.66% to 16,435.79. In Japan, the Nikkei 225 up 2.04% to 33,445.90, while the Topix index was up 1.90% to 2,387.20. South Korea’s Kospi up 0.04% to 2,495.38. Australia S&P/ASX 200 up 1.65% to, 7,178.40.

European equities mostly outperform amid ECB rate cut hopes.

The DAX futures contract in Germany traded 0.78 higher, CAC 40 futures in France up 0.74% to 7,386.99 and the UK 100 futures contract in the U.K. down 0.31% to 7,489.84.

Wall Street concludes with a mixed performance as job openings suggest signs of an economic slowdown.

On Tuesday, Wall Street closed with a mixed outcome following recent employment data that strengthened expectations for an interest rate cut by the U.S. Federal Reserve, possibly as early as March.

Indexes: Dow down 0.22%, S&P 500- down 0.06%, Nasdaq up 0.31%.

Corporate News:

Netflix, Inc. (NFLX) up 0.28% at 455.15, Tesla, Inc (TSLA) up 1.33% at 238.72, Apple Inc. (AAPL) up 2.11% at 193.42. Goldman Sachs Group Inc (GS) down 2.19% at 341.75, Morgan Stanley (MS) down 1.28% at 80.17.

Key Economic Events & Data Release Today:

(AUD) GDP (QoQ) (Q3) Actual 0.2%, Forecast 0.4%, Previous 0.4% at 06:00.

(EUR) Retail Sales (MoM) (Oct) Forecast 0.2%, Previous –03% at 15:30.

(GBP) BoE Gov Bailey Speaks at 16:30.

(USD) ADP Nonfarm Employment Change (Nov) Forecast 130K, Previous 113K at 18:45.

(CAD) BoC Interest Rate Decision Forecast 5.00%, Previous 5.00% at 20:30.

(CAD) Ivey PMI (Nov) Forecast 54.2, Previous 53.4 at 20:30.

(USD) Crude Oil Inventories Forecast –1.354M, Previous 1.609M at 21:00.