. Daily Index Analysis - Nasdaq tech clash, FTSE energy surge.

Daily Index Analysis – Nasdaq tech clash, FTSE energy surge.

Daily Index Analysis – Nasdaq tech clash, FTSE energy surge.

30 Jan 2024

Introduction:

In the indices market, Asian equities exhibit a mixed performance, with Chinese shares declining ahead of the Federal Reserve rate decision. Meanwhile, European markets show upward movement, but eurozone GDP data signals Germany’s proximity to recession. Stock futures decline as investors brace for major tech company earnings, emphasizing caution ahead of the Federal Reserve policy meeting.

Market In Focus for today – Nasdaq 100

The primary U.S. stock indices trade with a mixed but mostly lower sentiment in Tuesday’s pre-market session, as investors redirect their attention towards recent corporate earnings and the upcoming Federal Reserve policy meeting.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 17656.57 | Positive Crossover | Bullish
  • MA 20: 17580.38 | Positive Crossover | Bullish
  • MA 50: 17223.07 | Positive Crossover | Bullish

Simple:

  • MA 5: 17639.06 | Positive Crossover | Bullish
  • MA 20: 17580.17| Positive Crossover | Bullish
  • MA 50: 17223.07 | Positive Crossover | Bullish

RSI (Relative Strength Index): 65.86| Buy Zone| Bullish

Stochastic Oscillator: 45.87| Buy Zone | Positive

Resistance And Support Levels:

  • R1: 17791.70 | R2: 18131.71
  • S1: 17401.31| S2: 16998.33

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion: Limit Buy: 17262.79 | Take Profit: 17791.70| Stop Loss: 16947.96.

S&P 500:

The S&P 500 reaches a new record closing high in anticipation of the Federal Reserve meeting and significant-tech company earnings.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 4913.57 | Positive Crossover | Bullish
  • MA 20: 4895.89 | Positive Crossover | Bullish
  • MA 50: 4833.70 | Positive Crossover | Bullish

Simple:

  • MA 5: 4914.90 | Positive Crossover | Bullish
  • MA 20: 4895.85| Positive Crossover | Bullish
  • MA 50: 4833.68| Positive Crossover | Bullish

RSI (Relative Strength Index): 64.10| Bullish Zone| Positive

Stochastic Oscillator: 54.23|Buy Zone | Positive

Resistance And Support Levels:

  • R1: 4930.97 | R2: 5150.35
  • S1: 4844.20| S2: 4723.83

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion:  Limit Buy: 4841.40 | Take Profit: 4930.97| Stop Loss: 4793.81.

FTSE 100:

FTSE 100 rises, propelled by energy stocks, while geopolitical tensions make an impact.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 7639.34 | Positive Crossover | Bullish
  • MA 20: 7549.19 | Positive Crossover | Bullish
  • MA 50: 7591.12 | Positive Crossover | Bullish

Simple:

  • MA 5: 7643.00 | Positive Crossover | Bullish
  • MA 20: 7549.24| Positive Crossover | Bullish
  • MA 50: 7591.66| Positive Crossover | Bullish

RSI (Relative Strength Index): 69.58| Buying Zone| Buy

Stochastic Oscillator: 98.01|Buy Zone | Positive

Resistance And Support Levels:

  • R1: 7688.8 | R2: 7780.8
  • S1: 7604.2| S2: 7515.9

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion:  Limit Buy: 7670.4 | Take Profit: 7777.1| Stop Loss: 7607.8.

Euro Stoxx 50:

European markets saw an increase on Tuesday as investors processed the preliminary fourth-quarter gross domestic product figures released by the eurozone.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 4636.95 | Positive Crossover | Bullish
  • MA 20: 4554.00 | Positive Crossover | Bullish
  • MA 50: 4509.39 | Positive Crossover | Bullish

Simple:

  • MA 5: 4641.00| Positive Crossover | Bullish
  • MA 20: 4554.09| Positive Crossover | Bullish
  • MA 50: 4509.32| Positive Crossover | Bullish

RSI (Relative Strength Index): 76.48| Positive Zone| Bullish

Stochastic Oscillator: 100.00|Buy Zone | Positive

Resistance And Support Levels:

  • R1: 4660 | R2: 4726
  • S1: 4619| S2: 4531

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion:  Buy Limit : 4574 | Take Profit: 4660| Stop Loss: 4520

Elsewhere in the Indices Market:

Asian equities show a mixed performance, with Chinese shares falling, ahead of the Fed rate decision.

The Shanghai composite is down at 1.83%. Overall, the Singapore MSCI up 0.53% to 278.57. Over in Hong Kong, the Hang Seng Index down 2.32% to 15,703.45. In Japan, the Nikkei 225 up 0.11% to 36,065.86, while the Topix index was down 0.10% to 2526.93. South Korea’s Kospi down 0.07% to 2,498.81. Australia S&P/ASX 200 up 0.29% to, 7,600.20.

European markets experience upward movement; euro zone GDP data shows Germany on the brink of recession.

The DAX futures contract in Germany traded 0.16 higher, CAC 40 futures in France up 0.45% to 7,674.83 and the UK 100 futures contract in the U.K. up 0.59% to 7,677.49.

Stock futures dip as investors gear up for major tech company earnings.

Tuesday morning saw a decline in stock futures as investors examined recent corporate earnings, with the Federal Reserve policy meeting approaching. Additionally, traders awaited the results from significant tech companies.

Indexes: Dow down 0.2%, S&P 500- down 0.01%, Nasdaq down 0.3%.

Corporate News:

Netflix, Inc. (NFLX) up 0.94% at 575.79, Tesla, Inc (TSLA) up 4.19% at 190.93, Apple Inc. (AAPL) down 0.36% at 191.73. Goldman Sachs Group Inc (GS) up 0.73% at 380.56, Morgan Stanley (MS) down 0.13% at 87.62.

Key Economic Events & Data Release Today:

(EUR) German GDP (QoQ) (Q4) Forecast –0.3%, Previous –0.1% at 04:00.

(EUR) GDP (QoQ) (Q4) Forecast –0.1%, Previous –0.1% at 05:00.

(USD) CB Consumer Confidence (Jan) Forecast 115.0, Previous 110.7 at 10:00.

(JPY) Industrial Production (MoM) (Dec) Forecast 2.4%, Previous-0.9% at 18:50.

(AUD) CPI (QoQ) (Q4) Forecast 0.8%, Previous 1.2% at 19:30.

(CNY) Manufacturing PMI (Jan) Forecast 49.3, Previous 49.0 at 20:30.