Introduction:

In the world of global indices, the Asian markets display a mixed picture, with China’s expanding factory activity boosting the Shanghai composite, while Hong Kong’s Hang Seng Index experiences a decline. Meanwhile, European stocks face pressure as US yields remain high, with Germany’s DAX, France’s CAC 40, and the UK’s UK 100 futures contracts reflecting this sentiment. In the US, the markets close on a relatively flat note, with investors closely monitoring the utility sector and speculating on the Federal Reserve’s stance regarding interest rates.

Market In Focus for today – NASDAQ 100

Nasdaq rises on boost from growth stocks; Fed comments is focus.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

• MA 5: 14949.09 | Positive Crossover | Bullish
• MA 20: 14923.89 | Positive Crossover | Bullish
• MA 50: 15040.09 | Negative Crossover | Bearish

Simple:

• MA 5: 14953.59 | Positive Crossover | Bullish
• MA 20: 14860.70| Positive Crossover | Bullish
• MA 50: 15110.04 | Negative Crossover | Bearish
  
  

RSI (Relative Strength Index): 51.35 | Buy Zone | Bullish

Stochastic Oscillator: 94.52 | Buy Zone | Positive

Resistance And Support Levels:

• R1: 15012.48 | R2: 15343.45
• S1: 14844.44 | S2: 14655.74

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion: Stop Buy : 15108.62 | Take Profit: 15343.45 | Stop Loss: 14957.66.

Elsewhere in the Indices Market

Asian markets mixed as China’s factory activity expands.

The Shanghai composite is up at 0.10%. Overall, the Singapore MSCI up 0.59% to 282.95. Over in Hong Kong, the Hang Seng Index down by 2.69% to 17,331.22. In Japan, the Nikkei 225 down 1.64% to 31,237.94, while the Topix index was down 1.68% to 2,275.47. South Korea’s Kospi up 0.09% to 2,465.07. Australia S&P/ASX 200 down 1.28% to, 6,943.40.

European stocks remain under pressure as US yields stay high.

The DAX futures contract in Germany traded 0.31 lower, CAC 40 futures in France down 0.22% to 7,052.27 and the UK 100 futures contract in the U.K. up 0.30% to 7,532.98.

US stocks ends near flat; utilities drop focus on rate outlook.

Utilities fell dramatically, and investors pondered whether the Federal Reserve would need to maintain higher interest rates for a longer period of time as the US markets closed Monday close to flat.

Indexes: Dow down 0.02%, S&P 500- up 0.01%, Nasdaq up 0.7%.

Corporate News:

Walt Disney Co (DIS) up 0.75% at 81.67, Walmart Inc. (WMT) up at 0.11% at 160.10, Amazon.com, Inc. (AMZN) up at 1.84% at 129.46. JPMorgan Chase & Co (JPM) down 0.86% at 143.77, Morgan Stanley (MS) down 1.54% at 80.41.

Key Economic Events & Data Release Today:

(USD) FOMC Member Mester Speaks at 05:20.

(AUD) RBA Interest Rate Decision (Oct) Actual 4.10%, Forecast 4.10%, Previous 4.10% at 09:00.

(AUD) RBA Rate Statement at 09:00.

(USD) JOLTs Job Openings (Aug) Forecast 8.800M, Previous 8.827M at 19:30.

(EUR) ECB’s Lane Speaks at 11:40.