. Daily Index Analysis - Nasdaq Choppy, S&P and FTSE Gain.

Daily Index Analysis – Nasdaq Choppy, S&P and FTSE Gain.

Daily Index Analysis – Nasdaq Choppy, S&P and FTSE Gain.

05 Jun 2024


Introduction:

Global indices showed mixed movements on Wednesday, driven by rate-cut speculations. Asian stocks rallied, with gains in South Korea and Australia, though Japan and Hong Kong saw declines. European stocks also climbed on hopes for US interest rate cuts, while US futures rose as Nvidia reached a new record high amid weak labor market data.

Market In Focus for today – Nasdaq 100

The NASDAQ 100 continues to look choppy.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 18699.04 | Positive Crossover | Bullish
  • MA 20: 18705.22 | Positive Crossover | Bullish
  • MA 50: 18645.10 | Positive Crossover | Bullish

Simple:

  • MA 5: 18664.20 | Positive Crossover | Bullish
  • MA 20: 18707.75| Positive Crossover | Bullish
  • MA 50: 18743.98 | Positive Crossover | Bullish

RSI (Relative Strength Index): 56.28| Bullish Zone| Positive


Stochastic Oscillator: 100| Buy Zone | Positive

Resistance And Support Levels:

  • R1: 18813.57 | R2: 19019.45
  • S1: 18551.55| S2: 18083.65


Overall Sentiment: Bullish | Market Direction: Buy


Trade Suggestion: Buy Limit: 18654.49 | Take Profit: 19019.45| Stop Loss: 18429.90.

S&P 500:

S&P 500 Continues to see Upward Pressure .

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 5300.89 | Positive Crossover | Bullish
  • MA 20: 5298.40 | Positive Crossover | Bullish
  • MA 50: 5289.82 | Positive Crossover | Bullish

Simple:

  • MA 5: 5302.12 | Positive Crossover | Bullish
  • MA 20: 5290.91| Positive Crossover | Bullish
  • MA 50: 5312.47 | Positive Crossover | Bullish

RSI (Relative Strength Index): 56.35|Buy Zone | Positive


Stochastic Oscillator: 97.71 | Buy Zone | Positive

Resistance And Support Levels:

  • R1: 5321.32 | R2: 5370.80
  • S1: 5261.02| S2: 5205.37


Overall Sentiment: Bullish| Market Direction: Buy


Trade Suggestion: Buy Limit : 5299.68 | Take Profit: 5366.16| Stop Loss: 5261.02.

FTSE 100:

The FTSE 100 rose on Wednesday, following Wall Street’s lead from the previous night, as indications of a cooling U.S. jobs market boosted investor sentiment.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 8274.06 | Positive Crossover | Bullish
  • MA 20: 8281.23 | Negative Crossover | Bearish
  • MA 50: 8293.77 | Negative Crossover | Bearish

Simple:

  • MA 5: 8287.07 | Negative Crossover | Bearish
  • MA 20: 8260.50| Positive Crossover | Bullish
  • MA 50: 8345.68 | Negative Crossover | Bearish

RSI (Relative Strength Index): 46.03| Neutral Zone| Neutral


Stochastic Oscillator: 70.63| Buying Zone | Neutral

Resistance And Support Levels:

  • R1: 8356.8 | R2: 8482.1
  • S1: 8210.1| S2: 8066.5


Overall Sentiment: Neutral | Market Direction: Sell


Trade Suggestion: Stop Sell : 8252.9 | Take Profit: 8109.3| Stop Loss: 8350.7.

Euro Stoxx 50:

European stocks rose on Wednesday as regional investors anticipated the upcoming European Central Bank (ECB) meeting.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 5001.27 | Positive Crossover | Bullish
  • MA 20: 5005.35 | Positive Crossover | Bullish
  • MA 50: 5016.63 | Positive Crossover | Bullish

Simple:

  • MA 5: 5004.3 | Negative Crossover | Bearish
  • MA 20: 5000.45| Positive Crossover | Bullish
  • MA 50: 5034.72 | Positive Crossover | Bullish

RSI (Relative Strength Index): 56.55| Bullish Zone| Positive


Stochastic Oscillator: 64.75| Positive Zone | Positive

Resistance And Support Levels:

  • R1: 5048 | R2: 5141
  • S1: 4950| S2: 4868


Overall Sentiment: Neutral | Market Direction: Buy


Trade Suggestion: Buy Limit : 5004 | Take Profit: 5123| Stop Loss: 4937.


Elsewhere in the Indices Market:


Asian stocks rally on rate-cut wagers.

The Shanghai composite is down at 0.83%. Overall, the Singapore MSCI up 0.18% to 309.77. Over in Hong Kong, the Hang Seng Index down 0.10% to 18,424.96. In Japan, the Nikkei 225 down 0.86% to 38,490.17, while the Topix index was down 1.41% to 2748.22. South Korea’s Kospi up 1.03% to 2,689.50. Australia S&P/ASX 200 up 0.41% to, 7,769.00.

European stocks climb as hopes rise for US interest rate cuts.

The DAX futures contract in Germany traded 0.94 higher, CAC 40 futures in France up 0.94% to 8,012.62 and the UK 100 futures contract in the U.K. up 0.37% to 8,262.29.

U.S. Stock futures climbed as Nvidia shares gained and investors anticipated potential rate cuts.

Stock futures rose as AI darling Nvidia reached a new record high, and weak private labor market data fueled investor optimism that the Federal Reserve might lower interest rates later this year.

Indexes: Dow up 0.2%, S&P 500- up 0.3%, Nasdaq up 0.5%.

Corporate News:

Netflix, Inc. (NFLX) down 0.34% at 631.62, Tesla, Inc (TSLA) down 0.86% at 174.77, Apple Inc. (AAPL) up 0.16% at 194.35. Goldman Sachs Group Inc (GS) up 0.07% at 455.30, Morgan Stanley (MS) down 0.85% at 96.58.



Key Economic Events & Data Release Today:

(AUD) GDP (QoQ) (Q1) Forecast 0.2%, Previous 0.2% at 07:00.

(GBP) Composite PMI (May) Forecast 52.8 Previous 54.1 at 14:00.

(GBP) Service PMI (May) Forecast 52.9, Previous 55.0 at 14:00.

(USD) ADP Nonfarm Employment Change (May) Forecast 173K, Previous 192K at 17:45.

(CAD) BoC Interest Rate Decision Forecast 4.75%, Previous 5.00% at 19:15.

(USD) ISM Non-Manufacturing PMI (May) Forecast 51.0, Previous 49.4 at 19:30.

(CAD) BoC Press Conference at 20:00.