. Daily Index Analysis - Nasdaq's Streak Ends, Reshaping US Stocks.

Daily Index Analysis – Nasdaq’s Streak Ends, Reshaping US Stocks.

Daily Index Analysis – Nasdaq’s Streak Ends, Reshaping US Stocks.

10 Nov 2023

Introduction:

Global markets witnessed a downturn following Powell’s comments, impacting indices across Asia, Europe, and the U.S. Asian stocks slid as hopes for rate peaks diminished, while European shares declined. U.S. stocks closed lower after an underwhelming Treasury auction and Powell’s statements.

Market In Focus for today – NASDAQ 100

US stocks closed lower on Thursday, and Nasdaq snapped winning streaks after Powell, Treasury auction.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 7402.21 | Negative Crossover | Bullish
  • MA 20: 7404.74 | Positive Crossover | Bullish
  • MA 50: 7426.26 | Positive Crossover | Bullish

Simple:

  • MA 5: 15274.13 | Negative Crossover | Bearish
  • MA 20: 15167.49| Positive Crossover | Bullish
  • MA 50: 15001.84 | Positive Crossover | Bullish

RSI (Relative Strength Index): 58.85| Buy Zone| Bullish

Stochastic Oscillator: 00 | Sell Zone | Negative

Resistance And Support Levels:

  • R1: 15286.28 | R2: 15717.00
  • S1: 15014.60| S2: 14716.42

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion: Stop Buy : 15398.93 | Take Profit: 15717.00| Stop Loss: 15200.14.

Elsewhere in the Indices Market

Asian stocks slide as Powell comments quell rate peak bets.

The Shanghai composite is down at 0.47%. Overall, the Singapore MSCI down 1.38% to 276.15. Over in Hong Kong, the Hang Seng Index down 1.76% to 17,203.26. In Japan, the Nikkei 225 down 0.24% to 32,568.11, while the Topix index was up 0.07% to 2,336.72. South Korea’s Kospi down 0.72% to 2,427.08. Australia S&P/ASX 200 down 0.55% to, 6,976.50.

European shares decline as Powell stamps out rate peak hopes.

The DAX futures contract in Germany traded 0.54 lower, CAC 40 futures in France down 0.65% to 7,067.49 and the UK 100 futures contract in the U.K. down 0.87% to 7,391.03.

Wall St falls after Powell, Treasury auction.

On Thursday, U.S. stocks ended in decline, breaking the Nasdaq and S&P 500’s longest winning trends in two years. This occurred as Treasury yields rose following an unsatisfactory auction of 30-year bonds and remarks from Federal Reserve Chair Jerome Powell.

Indexes: Dow down 0.68%, S&P 500- down 0.81%, Nasdaq down 0.94%.

Corporate News:

Amazon.com, Inc. (AMZN) down 1.04% at 140.60, Walt Disney Co (DIS) up 6.91% at 90.34, Apple Inc. (AAPL) down 0.26% at 182.41. Goldman Sachs Group Inc (GS) down 1.16% at 320.78, Morgan Stanley (MS) down 2.34% at 74.19.

Key Economic Events & Data Release Today:

(USD) Fed Chair Powell Speaks at 00:30.

(GBP) GDP (QoQ) (Q3) Actual 0.0%, Forecast –0.1%, Previous 0.2% at 12:30.

(GBP) GDP (MoM) (Sep) Actual 0.2%, Forecast 0.0%, Previous 0.2% at 12:30.

(GBP) Manufacturing Production (MoM) (Sep) Actual 0.1%, Forecast 0.3%, Previous-0.8% at 12:30.

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