. Daily Index Analysis - Nasdaq rises, FTSE and Euro Stoxx fall.

Daily Index Analysis – Nasdaq rises, FTSE and Euro Stoxx fall.

Daily Index Analysis – Nasdaq rises, FTSE and Euro Stoxx fall.

10 Jun 2024


Introduction:

Asian markets showed mixed performance on Monday after an unexpectedly strong jobs report. The Shanghai Composite rose 0.08%, while Japan’s Nikkei 225 gained 0.92%. European stocks tumbled following election surprises in France, and U.S. futures dipped as investors awaited the Federal Reserve meeting and key inflation data later this week.

Market In Focus for today – Nasdaq 100

NASDAQ 100 Maintains Upward Momentum Despite Recent Pullback.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 18995.04 | Positive Crossover | Bullish
  • MA 20: 18922.25 | Positive Crossover | Bullish
  • MA 50: 18779.08 | Positive Crossover | Bullish

Simple:

  • MA 5: 19053.32 | Positive Crossover | Bullish
  • MA 20: 18660.96| Positive Crossover | Bullish
  • MA 50: 18821.89 | Positive Crossover | Bearish

RSI (Relative Strength Index): 60.83| Bullish Zone| Positive


Stochastic Oscillator: 81.98| Buy Zone | Neutral

Resistance And Support Levels:

  • R1: 19126.53 | R2: 19358.94
  • S1: 18957.50| S2: 18682.84


Overall Sentiment: Bullish | Market Direction: Buy


Trade Suggestion: Limit Buy: 18781.44 | Take Profit: 19126.53| Stop Loss: 18584.24.

S&P 500:

The S&P 500 remained flat despite reaching a record-high intraday, supported by a stronger-than-expected jobs report.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 5355.27 | Negative Crossover | Bearish
  • MA 20: 5326.20 | Positive Crossover | Bullish
  • MA 50: 5318.38 | Positive Crossover | Bullish

Simple:

  • MA 5: 5347.12 | Positive Crossover | Bullish
  • MA 20: 5333.13| Positive Crossover | Bullish
  • MA 50: 5310.79 | Positive Crossover | Bullish

RSI (Relative Strength Index): 58.49|Buy Zone | Positive


Stochastic Oscillator: 76.89 | Buy Zone | Positive

Resistance And Support Levels:

  • R1: 5374.15 | R2: 5453.54
  • S1: 5283.10| S2: 5192.04


Overall Sentiment: Bullish| Market Direction: Buy


Trade Suggestion: Buy Limit : 5307.01 | Take Profit: 5384.82| Stop Loss: 5269.01.

FTSE 100:

The FTSE 100 Index declines amid rate concerns and political uncertainty.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 8249.35 | Negative Crossover | Bearish
  • MA 20: 8263.03 | Negative Crossover | Bearish
  • MA 50: 8281.62 | Negative Crossover | Bearish

Simple:

  • MA 5: 8258.98 | Negative Crossover | Bearish
  • MA 20: 8271.31| Negative Crossover | Bearish
  • MA 50: 8313.60 | Negative Crossover | Bearish

RSI (Relative Strength Index): 43.35| Neutral Zone| Neutral


Stochastic Oscillator: 18.13| Sell Zone | Neutral

Resistance And Support Levels:

  • R1: 8310.4 | R2: 8448.0
  • S1: 8161.7| S2: 8013.0


Overall Sentiment: Neutral | Market Direction: Sell


Trade Suggestion: Sell Limit : 8243.5 | Take Profit: 8061.3| Stop Loss: 8369.9.

Euro Stoxx 50:

European stock markets and the euro experienced early Monday declines following the rise of far-right parties in European elections and significant losses for President Emmanuel Macron’s alliance, leading him to announce a snap election.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 5031.27 | Negative Crossover | Bearish
  • MA 20: 5027.47 | Negative Crossover | Bearish
  • MA 50: 5025.34 | Negative Crossover | Bearish

Simple:

  • MA 5: 5046.5 | Negative Crossover | Bearish
  • MA 20: 5022.7| Negative Crossover | Bearish
  • MA 50: 5027.06 | Negative Crossover | Bearish

RSI (Relative Strength Index): 43.9| Neutral Zone| Neutral


Stochastic Oscillator: 57.45| Positive Zone | Negative

Resistance And Support Levels:

  • R1: 5064 | R2: 5138
  • S1: 4945| S2: 4868


Overall Sentiment: Neutral | Market Direction: Sell


Trade Suggestion: Sell Limit : 5030 | Take Profit: 4924| Stop Loss: 5100.


Elsewhere in the Indices Market:


Asian markets showed mixed performance on Monday following the release of a jobs report on Friday that exceeded expectations.

The Shanghai composite is up at 0.08%. Overall, the Singapore MSCI up 0.20% to 310.12. Over in Hong Kong, the Hang Seng Index down 0.59% to 18,366.95. In Japan, the Nikkei 225 up 0.92% to 39,038.16, while the Topix index was up 1.00% to 2782.49. South Korea’s Kospi down 0.79% to 2,701.17. Australia S&P/ASX 200 up 0.49% to, 7,860.00.

European stocks tumbled following the European vote and a surprising outcome in the French election.

The DAX futures contract in Germany traded 0.63 lower, CAC 40 futures in France down 1.71% to 7,864.69 and the UK 100 futures contract in the U.K. lower 0.30% to 8,220.93.

U.S. futures dipped as investors anticipated an upcoming Federal Reserve meeting and a crucial inflation report.

U.S. stock index futures declined on Monday, giving back some of last week’s significant gains, as investors awaited a Federal Reserve meeting and key inflation data later this week.

Indexes: Dow down 0.17%, S&P 500- down 0.11%, Nasdaq down 0.%.

Corporate News:

Netflix, Inc. (NFLX) down 1.09% at 641.47, Tesla, Inc (TSLA) down 0.26% at 177.48, Apple Inc. (AAPL) up 1.24% at 196.89. Goldman Sachs Group Inc (GS) down 0.70% at 454.91, Morgan Stanley (MS) up 0.30% at 97.14.



Key Economic Events & Data Release Today:

(JPY) GDP (QoQ) (Q1) Forecast -0.5%, Previous -0.5% at 05:20.

(JPY) GDP (YoY) (Q1) Forecast –2.0% Previous 0.4% at 05:20.