. Daily Index Analysis - Nasdaq, S&P, FTSE scrutinized.

Daily Index Analysis – Nasdaq, S&P, FTSE scrutinized.

Daily Index Analysis – Nasdaq, S&P, FTSE scrutinized.

29 Feb 2024

Introduction:

In global indices, Asian shares show a mixed performance following a slip in Wall Street. While the Shanghai composite is down at 1.91%, Singapore MSCI is up by 0.10%, and Australia’s S&P/ASX 200 is rising by 0.50%. In Europe, stock markets open on a positive note. Meanwhile, U.S. stocks dip ahead of crucial inflation data, setting the stage for potential impacts on Federal Reserve interest rate projections.

Market In Focus for today – Nasdaq 100

The Nasdaq 100 is retracing from its recent peaks, though the declines here are even more muted.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 17923.68 | Negative Crossover | Bearish
  • MA 20: 17901.35 | Negative Crossover | Bearish
  • MA 50: 17863.98 | Positive Crossover | Bullish

Simple:

  • MA 5: 17951.35 | Negative Crossover | Bearish
  • MA 20: 17901.82| Negative Crossover | Bearish
  • MA 50: 17864.39 | Positive Crossover | Bullish

RSI (Relative Strength Index): 48.3| Buy Zone| Buy

Stochastic Oscillator: 7.62| Sell Zone | Negative

Resistance And Support Levels:

  • R1: 18134.78 | R2: 18514.66
  • S1: 17813.99| S2: 17265.28

Overall Sentiment: Neutral | Market Direction: Sell

Trade Suggestion: Stop Buy: 17729.58 | Take Profit: 17366.58| Stop Loss: 18025.04.

S&P 500:

The S&P 500 futures in the U.S. decline as investors anticipate GDP data.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 5079.49 | Negative Crossover | Bearish
  • MA 20: 5052.52 | Negative Crossover | Bearish
  • MA 50: 5028.19 | Positive Crossover | Bullish

Simple:

  • MA 5: 5092.52 | Negative Crossover | Bearish
  • MA 20: 5052.90| Negative Crossover | Bearish
  • MA 50: 5028.19| Positive Crossover | Bullish

RSI (Relative Strength Index): 51.53| Bullish Zone| Positive

Stochastic Oscillator: 7.04| Negative Zone | Negative

Resistance And Support Levels:

  • R1: 5109.13 | R2: 5202.85
  • S1: 4980.60| S2: 4860.11

Overall Sentiment: Neutral | Market Direction: Buy

Trade Suggestion:  Stop Sell: 5066.29 | Take Profit: 4977.92| Stop Loss: 5122.52.

FTSE 100:

Haleon and Ocado’s results provide a lift to the FTSE 100.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 7664.72 | Negative Crossover | Bearish
  • MA 20: 7684.16 | Negative Crossover | Bearish
  • MA 50: 7656.46 | Positive Crossover | Bullish

Simple:

  • MA 5: 7671.36 | Negative Crossover | Bearish
  • MA 20: 7683.32| Negative Crossover | Bearish
  • MA 50: 7656.46| Positive Crossover | Bullish

RSI (Relative Strength Index): 45.00| Neutral Zone| Neutral

Stochastic Oscillator: 26.23| Sell Zone | Positive

Resistance And Support Levels:

  • R1: 7663.6 | R2: 7765.5
  • S1: 7574.8| S2: 7481.1

Overall Sentiment: Neutral | Market Direction: Sell

Trade Suggestion: Limit Sell: 7665.2 | Take Profit: 7571.5| Stop Loss: 7721.1.

DAX 40:

Investor attention on Thursday will focus on German retail sales, unemployment, and inflation figures, while the DAX rose by 0.25% on Wednesday.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 17582.50 | Positive Crossover | Bullish
  • MA 20: 17457.45 | Positive Crossover | Bullish
  • MA 50: 17220.28| Positive Crossover | Bullish

Simple:

  • MA 5: 17576.06| Positive Crossover | Bullish
  • MA 20: 17457.04| Positive Crossover | Bullish
  • MA 50: 17220.26| Positive Crossover | Bullish

RSI (Relative Strength Index): 78.78| Buy Zone| Bullish

Stochastic Oscillator: 90.02|Buy Zone | Neutral

Resistance And Support Levels:

  • R1: 17724.8 | R2: 18143.1
  • S1: 17197.4| S2: 16715.4

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion:  Limit Buy: 17261.0 | Take Profit: 17724.8| Stop Loss: 16988.2.

Elsewhere in the Indices Market:

Asian shares are mixed after Wall Street slips lower.

The Shanghai composite is down at 1.91%. Overall, the Singapore MSCI up 0.10% to 280.98. Over in Hong Kong, the Hang Seng Index down 0.15% to 16,511.44. In Japan, the Nikkei 225 was down 0.11% to 39,166.19, while the Topix index was up 0.029% to 2675.73. South Korea’s Kospi down 0.37% to 2,642.36. Australia S&P/ASX 200 is up 0.50% to, 7,698.70.

European Stock Markets Climb at Open.

The DAX futures contract in Germany traded 0.48 higher, CAC 40 futures in France down 0.04% to 7,951.52 and the UK 100 futures contract in the U.K. up 0.33% to 7,649.78%.

US stocks dip ahead of inflation data.

On Wednesday, U.S. stocks concluded with marginal losses, setting the stage for a pivotal inflation report that could significantly impact projections regarding the Federal Reserve’s timing for potential interest rate adjustments.

Indexes: Dow down 0.6%, S&P 500- down 0.17%, Nasdaq down 0.55%.

Corporate News:

Netflix, Inc. (NFLX) is down 0.86% at 596.48, Tesla, Inc. (TSLA) is up 1.16% at 202.04, and Apple Inc. (AAPL) is down 0.66% at 181.42. Goldman Sachs Group Inc (GS) is up 1.32% at 393.18, and Morgan Stanley (MS) is up 0.66% at 86.05.

Key Economic Events & Data Release Today:

(NZD) RBNZ Gov Orr Speaks at 00:40.

(AUD) Retail Sales (MoM) (Jan) Actual 1.1%, Forecast 1.6%, Previous –2.7% at 06:00.

(EUR) German Unemployment Change (Feb) Forecast 6K, Previous –2K at 14:25.

(EUR) German CPI (MoM) (Feb) Forecast 0.5%, Previous 0.2% at 18:30.

(USD) Core PCE Price Index (MoM) (Jan) Forecast 0.4%, Previous 0.2% at 19:00.

(CAD) GDP (MoM) (Jan) at 19:1.

(USD) Pending Home Sales (MoM) (Jan) Forecast 1.4%, Previous 8.3% at 20:30.