. Daily Index Analysis - Nasdaq lures buyers, S&P battles inflation.

Daily Index Analysis – Nasdaq lures buyers, S&P battles inflation.

Daily Index Analysis – Nasdaq lures buyers, S&P battles inflation.

15 Mar 2024

Introduction:

In the dynamic world of Indices Market, Global markets experience mixed movements: Asian indices retreat amid dashed hopes for a prompt US rate cut, while European markets show marginal gains post-US inflation data. Wall Street concludes negatively after PPI data release and chipmaker decline, fueling speculation on Federal Reserve’s interest rate decisions.

Market In Focus for today – Nasdaq 100

The NASDAQ 100 remained relatively subdued, yet indications suggest a persistence in attracting buyers whenever it experiences declines.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 18153.09 | Positive Crossover | Bullish
  • MA 20: 18131.93 | Positive Crossover | Bullish
  • MA 50: 18060.46 | Positive Crossover | Bullish

Simple:

  • MA 5: 18153.82 | Positive Crossover | Bullish
  • MA 20: 18135.07| Positive Crossover | Bullish
  • MA 50: 18093.08 | Positive Crossover | Bullish

RSI (Relative Strength Index): 57.49| Buying Zone| Buy

Stochastic Oscillator: 68.64| Buy Zone | Positive

Resistance And Support Levels:

  • R1: 18368.52 | R2: 18850.85
  • S1: 17876.58| S2: 17262.00

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion: Limit Buy: 18009.14 | Take Profit: 18387.47| Stop Loss: 17782.16.

S&P 500:

U.S. stocks declined after the unveiling of yet another inflation figure surpassing expectations. The S&P 500 witnessed a drop of approximately 0.3%.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 5179.63 | Positive Crossover | Bullish
  • MA 20: 5161.28 | Positive Crossover | Bullish
  • MA 50: 5122.17 | Positive Crossover | Bullish

Simple:

  • MA 5: 5178.28 | Positive Crossover | Bullish
  • MA 20: 5158.38| Positive Crossover | Bullish
  • MA 50: 5125.00 | Positive Crossover | Bullish

RSI (Relative Strength Index): 68.77| Bullish Zone| Positive

Stochastic Oscillator: 79.52| Bullish Zone | Positive

Resistance And Support Levels:

  • R1: 5227.40 | R2: 5331.84
  • S1: 5057.96| S2: 4933.95

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion:  Limit Buy : 5118.21 | Take Profit: 5222.65| Stop Loss: 5058.86.

FTSE 100:

UK’s FTSE 100 muted as investors assess data-heavy week.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 7757.97 | Positive Crossover | Bullish
  • MA 20: 7737.04 | Positive Crossover | Bullish
  • MA 50: 7705.34 | Positive Crossover | Bullish

Simple:

  • MA 5: 7694.99 | Positive Crossover | Bullish
  • MA 20: 7679.19| Positive Crossover | Bullish
  • MA 50: 7688.36| Positive Crossover | Bullish

RSI (Relative Strength Index): 58.53| Buy Zone| Positive

Stochastic Oscillator: 53.65| Buy Zone | Negative

Resistance And Support Levels:

  • R1: 77803.3 | R2: 7884.7
  • S1: 7702.3| S2: 7620.4

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion: Stop Buy: 7721.4 | Take Profit: 7809.0| Stop Loss: 7675.6.

EURO STOXX 50:

On Friday, European shares slightly declined, with gains in the telecommunications sector counterbalanced by a sell-off in global equities.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 5007.12 | Positive Crossover | Bullish
  • MA 20: 4984.00 | Positive Crossover | Bullish
  • MA 50: 4925.06| Positive Crossover | Bullish

Simple:

  • MA 5: 5010.00| Positive Crossover | Bullish
  • MA 20: 4985.02| Positive Crossover | Bullish
  • MA 50: 4930.24| Positive Crossover | Bullish

RSI (Relative Strength Index): 65.81| Buy Zone| Bullish

Stochastic Oscillator: 48.06|Buy Zone | Positive

Resistance And Support Levels:

  • R1: 5046 | R2: 5142
  • S1: 4916| S2: 4800

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion:  Limit Buy : 4940 | Take Profit: 5037 | Stop Loss: 4875.

Elsewhere in the Indices Market:

Asian markets retreat as hopes for an imminent US rate cut are dashed by recent data.

The Shanghai composite is up at 0.54%. Overall, the Singapore MSCI down 0.67% to 291.73. Over in Hong Kong, the Hang Seng Index down 1.42% to 16,720.89. In Japan, the Nikkei 225 down 0.26% to 38,707.64, while the Topix index was up 0.35% to 2670.80. South Korea’s Kospi down 1.91% to 2,666.84. Australia S&P/ASX 200 down 0.56% to, 7,670.30.

European markets see a slight uptick following the release of U.S. inflation data.

The DAX futures contract in Germany traded 0.39 higher, CAC 40 futures in France up 0.55% to 8,206.47 and the UK 100 futures contract in the U.K. up 0.20% to 7,759.02.

Wall Street concludes with losses following the release of PPI data and a decline in chipmaker stocks.

On Thursday, U.S. stocks fell, driven by continued losses in chipmaker stocks for a second consecutive day. Additionally, a surge in producer prices prompted investors to speculate whether the Federal Reserve would delay interest rate cuts beyond expectations.

Indexes: Dow up 0.28%, S&P 500- down 0.29%, Nasdaq down 0.30%.

Corporate News:

Netflix, Inc. (NFLX) up 0.58% at 613.01, Tesla, Inc (TSLA) down 4.12% at 162.50, Apple Inc. (AAPL) up 1.09% at 173.00. Goldman Sachs Group Inc (GS) down 0.94% at 388.61, Morgan Stanley (MS) down 0.28% at 89.10.

Key Economic Events & Data Release Today:

(CAD) Housing Starts (Feb) Forecast 227.0K, Previous 223.6K at 08:15.

(CAD) Wholesale Sales (MoM) (Jan) Forecast –0.6%, Previous 0.3% at 08:30.