. Daily Index Analysis - Nasdaq, S&P 500 stumble, FTSE rises.

Daily Index Analysis – Nasdaq, S&P 500 stumble, FTSE rises.

Daily Index Analysis – Nasdaq, S&P 500 stumble, FTSE rises.

25 Mar 2024

Introduction:

Asian stocks saw marginal gains on Monday as investors maintained optimism regarding the upcoming US inflation data, expecting it not to disrupt the outlook for lower interest rates. Meanwhile, European stocks experienced a slight decline at the start of a holiday-shortened week. Similarly, U.S. stock futures declined as the shortened trading week commenced, despite the market’s ongoing streak of monthly gains and recent all-time highs.

Market In Focus for today – Nasdaq 100

Monday morning saw a slight decline in Nasdaq futures.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 18502.57 | Negative Crossover | Bearish
  • MA 20: 18417.19 | Positive Crossover | Bullish
  • MA 50: 18255.13 | Positive Crossover | Bullish

Simple:

  • MA 5: 18564.31 | Negative Crossover | Bearish
  • MA 20: 18376.66| Positive Crossover | Bullish
  • MA 50: 18230.99 | Positive Crossover | Bullish

RSI (Relative Strength Index): 55.94| Buying Zone| Buy

Stochastic Oscillator: 55.09| Buy Zone | Negative

Resistance And Support Levels:

  • R1: 18706.72 | R2: 19154.14
  • S1: 18207.27| S2: 17718.23

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion: Limit Buy: 18196.87 | Take Profit: 18675.50| Stop Loss: 17905.53.

S&P 500:

S&P 500 futures dipped following Wall Street’s most impressive weekly performance of the year.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 5279.82 | Negative Crossover | Bearish
  • MA 20: 5254.85 | Positive Crossover | Bullish
  • MA 50: 5195.86 | Positive Crossover | Bullish

Simple:

  • MA 5: 5291.09 | Negative Crossover | Bearish
  • MA 20: 5250.68| Positive Crossover | Bullish
  • MA 50: 5185.00 | Positive Crossover | Bullish

RSI (Relative Strength Index): 60.87| Bullish Zone| Positive

Stochastic Oscillator: 40.5| Neutral Zone | Negative

Resistance And Support Levels:

  • R1: 5315.27 | R2: 5398.60
  • S1: 5221.25| S2: 5110.14

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion:  Limit Buy : 5186.55 | Take Profit: 5298.19| Stop Loss: 5122.96.

FTSE 100:

The FTSE 100 in UK began the holiday-shortened week with a slight uptick on Monday.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 7886.04 | Positive Crossover | Bullish
  • MA 20: 7837.91 | Positive Crossover | Bullish
  • MA 50: 7771.48 | Positive Crossover | Bullish

Simple:

  • MA 5: 7878.09 | Positive Crossover | Bullish
  • MA 20: 7812.40| Positive Crossover | Bullish
  • MA 50: 7746.64| Positive Crossover | Bullish

RSI (Relative Strength Index): 68.98| Buy Zone| Positive

Stochastic Oscillator: 89.86| Buy Zone | Neutral

Resistance And Support Levels:

  • R1: 7987.4 | R2: 8057.8
  • S1: 7879.8| S2: 7786.7

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion: Limit Buy: 7844.6 | Take Profit: 7964.7| Stop Loss: 7765.9.

EURO Stoxx 50:

At the onset of a shortened week due to the holiday, European stocks experienced a minor decline as investors processed substantial gains driven by the accommodating stance of prominent central banks.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 5043.06 | Positive Crossover | Bullish
  • MA 20: 5030.46 | Positive Crossover | Bullish
  • MA 50: 4981.65| Positive Crossover | Bullish

Simple:

  • MA 5: 5050.1| Positive Crossover | Bullish
  • MA 20: 5030.55| Positive Crossover | Bullish
  • MA 50: 4983.8| Positive Crossover | Bullish

RSI (Relative Strength Index): 54.02| Buy Zone| Bullish

Stochastic Oscillator: 25.76|Selling Zone | Negative

Resistance And Support Levels:

  • R1: 5083 | R2: 5154
  • S1: 4992 | S2: 4921

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion:  Limit Buy : 5006 | Take Profit: 5088 | Stop Loss: 4956.

Elsewhere in the Indices Market:

On Monday, Asian stocks made slight gains as investors remained optimistic that upcoming US inflation figures would not disrupt expectations of reduced interest rates.

The Shanghai composite is down at 0.71%. Overall, the Singapore MSCI down 0.36% to 289.80. Over in Hong Kong, the Hang Seng Index down 0.16% to 16,473.64. In Japan, the Nikkei 225 down 1.16% to 40,414.12, while the Topix index was down 1.26% to 2777.64. South Korea’s Kospi down 0.40% to 2,737.57. Australia S&P/ASX 200 up 0.53% to, 7,811.90.

European stocks experience a slight decline, at start of holiday-shortened week

The DAX futures contract in Germany traded 0.03 lower, CAC 40 futures in France down 0.42% to 8,117.66 and the UK 100 futures contract in the U.K. down 0.31% to 7,906.06.

U.S. stock futures decline, to start shortened trading week.

On Monday morning, stock futures began slightly lower, marking the start of the final and shortened trading week of March. Despite this, the market remains on course for its fifth consecutive month of gains, with major U.S. stock benchmarks reaching new all-time closing highs last week.

Indexes: Dow down 0.2%, S&P 500- down 0.2%, Nasdaq down 0.3%.

Corporate News:

Netflix, Inc. (NFLX) up 0.85% at 628.01, Tesla, Inc (TSLA) down 1.15% at 170.82, Apple Inc. (AAPL) up 0.53% at 172.28. Goldman Sachs Group Inc (GS) down 1.67% at 406.82, Morgan Stanley (MS) down 1.55% at 91.95.

Key Economic Events & Data Release Today:

(JPY) Monetary Policy Meeting Minutes at 05:20.

(EUR) ECB President Lagarde Speaks at 15:30.

(USD) Building Permits Forecast 1.518M, Previous 1.489M at 17:30.

(USD) New Homes Sales (Feb) Forecast 675K, Previous 661K at 19:30.