. Daily Index Analysis - Nasdaq, sp 500, FTSE, AND EURO STOXX 50

Daily Index Analysis – Nasdaq, sp 500, FTSE, AND EURO STOXX 50

Daily Index Analysis – Nasdaq, sp 500, FTSE, AND EURO STOXX 50

22 May 2024

Introduction:

Global markets faced mixed performances on Wednesday. Asian stocks struggled following new US record highs, with notable declines in Hong Kong, Japan, and Australia. European markets opened lower as UK inflation missed estimates. Meanwhile, US stock futures edged down ahead of key earnings from Nvidia and the release of the latest Federal Reserve meeting minutes.

Market In Focus for today – Nasdaq 100

The NASDAQ 100 continues to experience significant upward pressure.

TECHNICAL OVERVIEW:

Moving Averages:
Exponential:

  • MA 5: 18728.61 | Positive Crossover | Bullish
  • MA 20: 18634.49 | Positive Crossover | Bullish
  • MA 50: 18391.87 | Positive Crossover | Bullish

Simple:

  • MA 5: 18718.27 | Positive Crossover | Bullish
  • MA 20: 18661.00| Positive Crossover | Bullish
  • MA 50: 18313.53 | Positive Crossover | Bullish

RSI (Relative Strength Index): 71.67| Bullish Zone| Positive


Stochastic Oscillator: 45.46| Neutral Zone | Positive

Resistance And Support Levels:

  • R1: 18821.32 | R2: 19091.54
  • S1: 18526.53| S2: 18190.80


Overall Sentiment: Bullish | Market Direction: Buy


Trade Suggestion: Buy Limit: 18477.40 | Take Profit: 18821.32| Stop Loss: 18280.87.

S&P 500:

The S&P 500 reaches a record high, anticipating the release of Fed minutes.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 5332.31 | Positive Crossover | Bullish
  • MA 20: 5316.15 | Positive Crossover | Bullish
  • MA 50: 5263.13 | Positive Crossover | Bullish

Simple:

  • MA 5: 5333.12 | Positive Crossover | Bullish
  • MA 20: 5325.67| Positive Crossover | Bullish
  • MA 50: 5246.20 | Positive Crossover | Bullish

RSI (Relative Strength Index): 66.28 | Bullish Zone| Positive


Stochastic Oscillator: 43.33 | Selling Zone | Positive

Resistance And Support Levels:

  • R1: 5348.07 | R2: 5448.40
  • S1: 5247.74| S2: 5152.98


Overall Sentiment: Bullish | Market Direction: Buy


Trade Suggestion:  Buy Limit : 5228.23 | Take Profit: 5328.56| Stop Loss: 5169.71.

FTSE 100:

FTSE 100 shares decline as inflation figures diminish the likelihood of an interest rate cut in June.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 8407.05 | Negative Crossover | Bearish
  • MA 20: 8406.56 | Negative Crossover | Bearish
  • MA 50: 8331.16 | Positive Crossover | Bullish

Simple:

  • MA 5: 8410.56 | Negative Crossover | Bearish
  • MA 20: 8426.33| Negative Crossover | Bearish
  • MA 50: 8341.42 | Positive Crossover | Bullish

RSI (Relative Strength Index): 42.91| Neutral Zone| Neutral


Stochastic Oscillator: 31.62| Selling Zone | Positive

Resistance And Support Levels:

  • R1: 8474.7 | R2: 8550.00
  • S1: 8336.3| S2: 8206.4


Overall Sentiment: Neutral | Market Direction: Sell


Trade Suggestion:  Sell Limit : 8403.32 | Take Profit: 8320.71| Stop Loss: 8449.94.

Euro Stoxx 50:

On Wednesday, European stocks showed losses, with London’s main index dropping at the opening due to inflation falling below expectations to 2.3%.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 5053.30 | Negative Crossover | Bearish
  • MA 20: 5057.19 | Negative Crossover | Bearish
  • MA 50: 5039.46 | Negative Crossover | Bearish

Simple:

  • MA 5: 5056.03 | Negative Crossover | Bearish
  • MA 20: 5070.00| Negative Crossover | Bearish
  • MA 50: 5027.54 | Positive Crossover | Bullish

RSI (Relative Strength Index): 43.15| Neutral Zone| Neutral


Stochastic Oscillator: 16.74| Selling Zone | Neutral

Resistance And Support Levels:

  • R1: 5093 | R2: 5141
  • S1: 4991| S2: 4906


Overall Sentiment: Neutral | Market Direction: Sell


Trade Suggestion:  Sell Limit : 5047 | Take Profit: 4934| Stop Loss: 5120.


Elsewhere in the Indices Market:


Asian stocks struggle following new US record highs.

The Shanghai composite is up at 0.02%. Overall, the Singapore MSCI is down 0.09% to 310.07. Over in Hong Kong, the Hang Seng Index down 0.13% to 19,195.60. In Japan, the Nikkei 225 was down 0.85% to 38,617.10, while the Topix index was down 0.81% to 2737.36. South Korea’s Kospi down 0.03% to 2,723.46. Australia S&P/ASX 200 is down 0.05% to, 7,848.10.

European markets open lower as UK inflation falls short of estimates.

The DAX futures contract in Germany traded 0.31 lower, CAC 40 futures in France down 0.61% to 8,091.66 and the UK 100 futures contract in the U.K. down 0.46% to 8,377.98.

US stock futures decline; Nvidia earnings and Fed minutes anticipated.

U.S. stock index futures edged slightly lower Wednesday, retreating from record highs ahead of the release of the latest Federal Reserve meeting minutes and key earnings from market favorite Nvidia.

Indexes: Dow down 0.17%, S&P 500- up 0.25%, Nasdaq up 0.22%.

Corporate News:

Netflix, Inc. (NFLX) up 1.53% at 650.61, Tesla, Inc (TSLA) up 6.66% at 186.60, Apple Inc. (AAPL) up 0.69% at 192.35. Goldman Sachs Group Inc (GS) up 1.61% at 470.41, Morgan Stanley (MS) up 1.20% at 101.53.

Key Economic Events & Data Release Today:

(NZD) RBNZ Interest Rate Decision Forecast 5.50%, Previous 5.50% at 07:30.

(NZD) RBNZ Rate Statement at 07:30.

(NZD) RBNZ Press Conference at 08:30.

(GBP) CPI (YoY) (Apr) Forecast 2.1%, Previous 3.2% at 11:30.

(EUR) ECB President Lagarde Speaks at 18:00.

(GBP) Gov Bailey Speaks at 13:35.

(USD) Existing Home Sales (Apr) Forecast 4.21M, Previous 4.19M at 19:30.

(USD) FOMC Meeting Minutes at 23:30.