. Daily Index Analysis - Nasdaq turbulence, S&P records, FTSE luxury, Euro Stoxx ECB boost.

Daily Index Analysis – Nasdaq turbulence, S&P records, FTSE luxury, Euro Stoxx ECB boost.

Daily Index Analysis – Nasdaq turbulence, S&P records, FTSE luxury, Euro Stoxx ECB boost.

26 Jan 2024

Introduction:

In the global indices market, Asian shares predominantly declined despite encouraging U.S. economic growth indicators. European equities displayed mixed performance, influenced by weakening German consumer sentiment. Conversely, Wall Street observed gains fuelled by robust GDP data, highlighting an economy surpassing expectations.

Market In Focus for today – Nasdaq 100

Nasdaq 100 futures experienced a decline on Friday morning following Intel’s issuance of an outlook that failed to meet Wall Street’s expectations.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 17560.54 | Negative Crossover | Bearish
  • MA 20: 17462.35 | Positive Crossover | Bullish
  • MA 50: 17066.36 | Positive Crossover | Bullish

Simple:

  • MA 5: 17587.05 | Negative Crossover | Bearish
  • MA 20: 17462.37| Positive Crossover | Bullish
  • MA 50: 17066.31 | Positive Crossover | Bullish

RSI (Relative Strength Index): 60.58| Buy Zone| Bullish

Stochastic Oscillator: 2.14| Sell Zone | Negative

Resistance And Support Levels:

  • R1: 17791.70 | R2: 18176.39
  • S1: 17443.08| S2: 17058.39

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion: Limit Buy: 17226.69 | Take Profit: 17719.57| Stop Loss: 16902.11.

S&P 500:

For the fifth consecutive session, the S&P 500 achieved a record closing high on Thursday, propelled by positive sentiment following data revealing robust U.S. economic growth in the fourth quarter.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 4910.10 | Positive Crossover | Bullish
  • MA 20: 4878.55 | Positive Crossover | Bullish
  • MA 50: 4822.77 | Positive Crossover | Bullish

Simple:

  • MA 5: 4910.87 | Positive Crossover | Bullish
  • MA 20: 4878.57| Positive Crossover | Bullish
  • MA 50: 4822.76| Positive Crossover | Bullish

RSI (Relative Strength Index): 68.10| Bullish Zone| Positive

Stochastic Oscillator: 18.76|Sell Zone | Negative

Resistance And Support Levels:

  • R1: 4929.04 | R2: 5013.34
  • S1: 4843.41| S2: 4720.30

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion:  Limit Buy: 4828.40 | Take Profit: 4929.04| Stop Loss: 4763.16.

FTSE 100:

FTSE 100 surges to a 10-day high, buoyed by the gains in luxury stocks.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 7579.04 | Positive Crossover | Bullish
  • MA 20: 7518.54 | Positive Crossover | Bullish
  • MA 50: 7593.62 | Positive Crossover | Bullish

Simple:

  • MA 5: 7569.00 | Positive Crossover | Bullish
  • MA 20: 7518.55| Positive Crossover | Bullish
  • MA 50: 7593.66| Positive Crossover | Bullish

RSI (Relative Strength Index): 67.34| Buying Zone| Buy

Stochastic Oscillator: 100|Buy Zone | Neutral

Resistance And Support Levels:

  • R1: 7690.2 | R2: 7778.6
  • S1: 7586.7| S2: 7479.4

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion:  Limit Buy: 7604.1 | Take Profit: 7689.6| Stop Loss: 7550.3.

Euro Stoxx 50:

European shares climbed on Thursday, with technology stocks and Nokia leading the gains on the back of a better-than-expected quarterly profit. Investors interpreted the European Central Bank’s recent monetary policy meeting and news conference as indicative of a dovish shift.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 4606.95 | Positive Crossover | Bullish
  • MA 20: 4525.00 | Positive Crossover | Bullish
  • MA 50: 4498.09 | Positive Crossover | Bullish

Simple:

  • MA 5: 4606.06 | Positive Crossover | Bullish
  • MA 20: 4525.00| Positive Crossover | Bullish
  • MA 50: 4498.09| Positive Crossover | Bullish

RSI (Relative Strength Index): 73.04| Positive Zone| Bullish

Stochastic Oscillator: 91.73|Buy Zone | Neutral

Resistance And Support Levels:

  • R1: 4682 | R2: 4757
  • S1: 4624| S2: 4534

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion:  Buy Limit: 4538 | Take Profit: 4635| Stop Loss:

Elsewhere in the Indices Market:

Asian shares mostly fall despite solid signs of U.S. growth.

The Shanghai composite is up at 0.14%. Overall, the Singapore MSCI up 0.38% to 278.65. Over in Hong Kong, the Hang Seng Index down 1.60% to 15,952.23. In Japan, the Nikkei 225 was down 1.34% to 35,751.07, while the Topix index was down 1.35% to 2,497.65. South Korea’s Kospi up 0.33% to 2,478.56. Australia S&P/ASX 200 is up 0.022% to, 7,539.00.

European equities experience a varied performance; German consumer sentiment weakens.

The DAX futures contract in Germany traded 0.02 higher, CAC 40 futures in France up 1.85% to 7,602.23 and the UK 100 futures contract in the U.K. up 1.28% to 7,625.89.

Wall Street rises on strong GDP data.

Thursday witnessed increases in the majority of US stocks, driven by the latest signals indicating that the economy is performing significantly better than initially expected.

Indexes: Dow up 0.64%, S&P 500- up 0.53%, Nasdaq up 0.18%.

Corporate News:

Netflix, Inc. (NFLX) is up 3.14% at 562.00, Tesla, Inc. (TSLA) is down 12.13% at 182.63, and Apple Inc. (AAPL) is down 0.17% at 194.17. Goldman Sachs Group Inc (GS) is up 0.87% at 382.70, and Morgan Stanley (MS) is up 0.51% at 88.02.

Key Economic Events & Data Release Today:

(USD) Core PCE Price Index (MoM) (Dec) Forecast 0.2%, Previous 0.1% at 08:30.

(CAD) Wholesale Sales (MoM) Previous 0.9% at 8:30.

(USD) Pending Home Sales (MoM) (Dec) Forecast 1.5%, Previous 0.0% at 10:00.