. Daily Index Analysis - Nasdaq, S&P 500 bullish, DAX cautious, Euro STOXX defies.

Daily Index Analysis – Nasdaq, S&P 500 bullish, DAX cautious, Euro STOXX defies.

Daily Index Analysis – Nasdaq, S&P 500 bullish, DAX cautious, Euro STOXX defies.

24 Jan 2024

Introduction:

Global markets witness diverse movements: Asian stocks rise on hopes of a Chinese rescue package, with the Shanghai Composite up 1.80%. European markets show improvement driven by positive Eurozone PMI data. In the U.S., indices display mixed performance as investors await major earnings reports, contributing to the S&P 500 reaching a new record high on Tuesday.

Market In Focus for today – Nasdaq 100

Nasdaq-100 futures experience an increase following a surge in Netflix subscribers.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 17569.54 | Positive Crossover | Bullish
  • MA 20: 17248.83 | Positive Crossover | Bullish
  • MA 50: 16941.36 | Positive Crossover | Bullish

Simple:

  • MA 5: 17553.05 | Positive Crossover | Bullish
  • MA 20: 17248.02| Positive Crossover | Bullish
  • MA 50: 16941.31 | Positive Crossover | Bullish

RSI (Relative Strength Index): 77.07| Buy Zone| Bullish

Stochastic Oscillator: 92.05| Buy Zone | Positive

Resistance And Support Levels:

  • R1: 17664.95 | R2: 18114.72
  • S1: 17154.40| S2: 16643.84

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion: Limit Buy: 17190.86 | Take Profit: 17664.95| Stop Loss: 16886.96.

S&P 500:

The S&P 500 achieves its third consecutive record-high closing.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 4900.57 | Positive Crossover | Bullish
  • MA 20: 4839.80 | Positive Crossover | Bullish
  • MA 50: 4803.61 | Positive Crossover | Bullish

Simple:

  • MA 5: 4898.49 | Positive Crossover | Bullish
  • MA 20: 4839.80| Positive Crossover | Bullish
  • MA 50: 4803.61| Positive Crossover | Bullish

RSI (Relative Strength Index): 78.47| Bullish Zone| Positive

Stochastic Oscillator: 97.98|Buy Zone | Neutral

Resistance And Support Levels:

  • R1: 4917.52 | R2: 4988.84
  • S1: 4810.54| S2: 4703.56

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion:  Limit Buy: 4821.51 | Take Profit: 4917.52| Stop Loss: 4763.91.

DAX 40:

The potential downside reversal observed on Tuesday is concerning, as the Dax Index seems poised to establish its fourth lower peak since December 14.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 16840.77 | Positive Crossover | Bullish
  • MA 20: 16698.09 | Positive Crossover | Bullish
  • MA 50: 16752.86 | Positive Crossover | Bullish

Simple:

  • MA 5: 16825.00 | Positive Crossover | Bullish
  • MA 20: 16698.85| Positive Crossover | Bullish
  • MA 50: 16752.16| Positive Crossover | Bullish

RSI (Relative Strength Index): 64.83| Buying Zone| Buy

Stochastic Oscillator: 97.01|Buy Zone | Neutral

Resistance And Support Levels:

  • R1: 16963.2 | R2: 17190.3
  • S1: 16657.5| S2: 16447.8

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion:  Limit Buy: 16849.6 | Take Profit: 17190.3| Stop Loss: 16657.5.

EURO STOXX 50:

European stock markets began Wednesday on a positive note, defying expectations of lower-than-anticipated growth in the German economy this year.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 4522.23 | Positive Crossover | Bullish
  • MA 20: 4475.09 | Positive Crossover | Bullish
  • MA 50: 4486.62 | Positive Crossover | Bullish

Simple:

  • MA 5: 4514.04 | Positive Crossover | Bullish
  • MA 20: 4475.01| Positive Crossover | Bullish
  • MA 50: 4486.94| Positive Crossover | Bullish

RSI (Relative Strength Index): 66.65| Positive Zone| Bullish

Stochastic Oscillator: 97.42|Buy Zone | Positive

Resistance And Support Levels:

  • R1: 4585 | R2: 4633
  • S1: 4509| S2: 4413

Overall Sentiment: Bullish | Market Direction: Sell

Trade Suggestion:  Limit Buy: 4517 | Take Profit: 4596| Stop Loss: 4469.

Elsewhere in the Indices Market:

Asian stock markets experience gains as optimism rises on the prospect of a potential rescue package from China, boosting overall market sentiment.

The Shanghai composite is up at 1.80%. Overall, the Singapore MSCI is up 1.12% to 278.43. Over in Hong Kong, the Hang Seng Index is up 3.56% to 15,899.87. In Japan, the Nikkei 225 was down 0.80% to 36,226.48, while the Topix index was down 0.51% to 2,529.22. South Korea’s Kospi down 0.36% to 2,469.69. Australia S&P/ASX 200 is up 0.57% to, 7,519.20.

European markets show an uptick as economic activity in the eurozone improves, indicated by positive PMI data.

The DAX futures contract in Germany traded 1.12 higher, CAC 40 futures in France up 0.69% to 7,439.16 and the UK 100 futures contract in the U.K. up 0.25% to 7,504.12.

U.S. indices display a mixed performance in anticipation of significant earnings reports and upcoming economic data.

On Tuesday, the S&P 500 achieved a new record closing high. Investors processed a diverse range of early quarterly results while anticipating upcoming reports, notably from Tesla and other companies later in the week.

Indexes: Dow down 0.25%, S&P 500- up 0.29%, Nasdaq up 0.43%.

Corporate News:

Netflix, Inc. (NFLX) is up 1.33% at 492.19, Tesla, Inc. (TSLA) is up 0.16% at 209.14, and Apple Inc. (AAPL) is up 0.67% at 195.18. Goldman Sachs Group Inc (GS) is down 1.34% at 380.77, and Morgan Stanley (MS) is up 1.18% at 86.74.

Key Economic Events & Data Release Today:

(NZD) CPI (QoQ) (Q4) Actual 0.5%, Forecast 0.5%, Previous 1.8% at 03:15.

(EUR) German Manufacturing PMI (Jan) Actual 45.4, Forecast 43.7, Previous 43.3 at 14:00.

(CAD) BoC Interest Rate Decision Forecast 5.00%, Previous 5.00% at 20:15.

(USD) Manufacturing PMI (Jan) Forecast 47.9, Previous 47.9 at 20:15.

(CAD) BoC Monetary Policy Report at 20:30.

(CAD) BoC Press Conference at 21:30.