. Daily Index Analysis - Nasdaq Soars on Microsoft's Record, Reshaping Wall Street

Daily Index Analysis – Nasdaq Soars on Microsoft’s Record, Reshaping Wall Street

Daily Index Analysis – Nasdaq Soars on Microsoft’s Record, Reshaping Wall Street

21 Nov 2023

Introduction:

In the global indices market, In indices market, Asian shares rose following a Wall Street rally, with various markets showing mixed performances. European shares see a modest uptick after a robust week, while Wall Street advances, led by a 1% surge in the Nasdaq and notable gains for Microsoft on strategic hires in artificial intelligence.

Market In Focus for today – Nasdaq 100

The Nasdaq takes the lead in the upward movement of Wall Street, with Microsoft achieving a record high. The Nasdaq achieved its highest closing level since July 31st.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 16030.47 | Positive Crossover | Bullish
  • MA 20: 15823.35 | Positive Crossover | Bullish
  • MA 50: 15493.78 | Positive Crossover | Bullish

Simple:

  • MA 5: 16006.35 | Positive Crossover | Bullish
  • MA 20: 15846.37| Positive Crossover | Bullish
  • MA 50: 15331.16 | Positive Crossover | Bullish

RSI (Relative Strength Index): 75.72| Buy Zone| Bullish

Stochastic Oscillator: 66.67 | Buy Zone | Negative

Resistance And Support Levels:

  • R1: 16115.19 | R2: 16453.34
  • S1: 15877.23| S2: 15645.53

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion: Stop Buy : 16184.07 | Take Profit: 16453.34| Stop Loss: 16027.52.

Elsewhere in the Indices Market

Asian shares are mostly higher after Wall Street rally.

The Shanghai composite is down at 0.01%. Overall, the Singapore MSCI down 0.17% to 275.23. Over in Hong Kong, the Hang Seng Index down 0.25% to 17,733.89. In Japan, the Nikkei 225 down 0.10% to 33,354.14, while the Topix index was down 0.20% to 2,367.79. South Korea’s Kospi up 0.77% to 2,510.42. Australia S&P/ASX 200 up 0.28% to, 7,078.20.

European shares inch up after robust week.

The DAX futures contract in Germany traded 0.14 higher, CAC 40 futures in France down 0.19% to 7,233.41 and the UK 100 futures contract in the U.K. down 0.47% to 7,461.48.

Wall Street advances are led by Nasdaq, while Microsoft records gains.

Monday saw gains across Wall Street’s three main stock averages, with the Nasdaq leading the way with a 1% surge. Microsoft, the industry heavyweight, reached a record high after hiring well-known executives in artificial intelligence.

Indexes: Dow up 0.58%, S&P 500- up 0.74%, Nasdaq up 1.13%.

Corporate News:

Netflix, Inc. (NFLX) up 1.84% at 474.47, Tesla, Inc (TSLA) up 0.55% at 235.60, Apple Inc. (AAPL) up 0.93% at 191.45. Goldman Sachs Group Inc (GS) up 0.77% at 339.45, Morgan Stanley (MS) down 0.72% at 79.70.

Key Economic Events & Data Release Today:

(GBP) BoE Gov Bailey Speaks at 00:15.

(AUD) RBA Meeting Minutes at 06:00.

(CAD) Core CPI (MoM) (Oct) Previous –0.1% at 19:00.

(USD) Existing Home Sales (Oct) Forecast 3.90M, Previous 3.96M at 20:30.

(EUR) ECB President Lagarde Speaks at 21:30.