. Daily Index Analysis - Nvidia boosts global markets, Nasdaq leads.

Daily Index Analysis – Nvidia boosts global markets, Nasdaq leads.

Daily Index Analysis – Nvidia boosts global markets, Nasdaq leads.

23 Feb 2024

Introduction:

In the global indices scene, Asian markets rose following a Wall Street rally led by Nvidia. Meanwhile, European equities show modest gains, constrained by economic challenges in Germany. In the US, stocks surge as Nvidia’s robust results, including a 12.9% share jump, indicate a substantial first-quarter revenue surge driven by strong demand for its AI chips.

Market In Focus for today – Nasdaq 100

The Nasdaq achieves a new all-time high as Nvidia surges 15% following robust earnings.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 17867.43 | Positive Crossover | Bullish
  • MA 20: 17799.99 | Positive Crossover | Bullish
  • MA 50: 17796.28 | Positive Crossover | Bullish

Simple:

  • MA 5: 17780.88 | Positive Crossover | Bullish
  • MA 20: 17799.95| Positive Crossover | Bullish
  • MA 50: 17796.26 | Positive Crossover | Bullish

RSI (Relative Strength Index): 62.91| Buy Zone| Buy

Stochastic Oscillator: 98.33| Buy Zone | Positive

Resistance And Support Levels:

  • R1: 18099.07 | R2: 18441.99
  • S1: 17704.18| S2: 17267.74

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion: Limit Buy: 17684.40 | Take Profit: 18099.07| Stop Loss: 17454.79.

S&P 500:

S&P 500 futures experience a surge as Nvidia rallies on the back of robust earnings.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 5055.33 | Positive Crossover | Bullish
  • MA 20: 5031.45 | Positive Crossover | Bullish
  • MA 50: 5010.01 | Positive Crossover | Bullish

Simple:

  • MA 5: 5036.07 | Positive Crossover | Bullish
  • MA 20: 5031.51| Positive Crossover | Bullish
  • MA 50: 5010.49| Positive Crossover | Bullish

RSI (Relative Strength Index): 70.34| Bullish Zone| Positive

Stochastic Oscillator: 98.42| Positive Zone | Positive

Resistance And Support Levels:

  • R1: 5107.27 | R2: 5188.63
  • S1: 5018.03| S2: 4939.30

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion:  Limit Buy: 5007.54 | Take Profit: 5107.27| Stop Loss: 4939.00.

FTSE 100:

The FTSE 100 makes a slight upward movement, propelled by a boost from StanChart

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 7694.95 | Negative Crossover | Bearish
  • MA 20: 7692.08 | Positive Crossover | Bullish
  • MA 50: 7651.63 | Positive Crossover | Bullish

Simple:

  • MA 5: 7700.29 | Negative Crossover | Bearish
  • MA 20: 7692.11| Positive Crossover | Bullish
  • MA 50: 7651.64| Positive Crossover | Bullish

RSI (Relative Strength Index): 53.99| Buy Zone| Bullish

Stochastic Oscillator: 27.55| Sell Zone | Neutral

Resistance And Support Levels:

  • R1: 7700.6 | R2: 7787.6
  • S1: 7645.9| S2: 7578.6

Overall Sentiment: Neutral | Market Direction: Buy

Trade Suggestion: Stop Buy: 7713.2 | Take Profit: 7787.6| Stop Loss: 7578.6.

DAX 40:

European stock markets traded with slight gains on Friday, consolidating after the previous session’s boost influenced by Nvidia, as the corporate earnings season progressed.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 17311.09 | Positive Crossover | Bullish
  • MA 20: 17197.35 | Positive Crossover | Bullish
  • MA 50: 17090.98| Positive Crossover | Bullish

Simple:

  • MA 5: 17271.02| Positive Crossover | Bullish
  • MA 20: 17197.35| Positive Crossover | Bullish
  • MA 50: 17090.08| Positive Crossover | Bullish

RSI (Relative Strength Index): 70.00| Buy Zone| Bullish

Stochastic Oscillator: 88.33|Buy Zone | Negative

Resistance And Support Levels:

  • R1: 17461.0 | R2: 17700.8
  • S1: 17194.6| S2: 16832.4

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion:  Limit Buy: 17242.6 | Take Profit: 17461.0| Stop Loss: 17114.7.

Elsewhere in the Indices Market:

Asian markets make gains following a rally initiated by Nvidia on Wall Street.

The Shanghai composite is up at 1.27%. Overall, the Singapore MSCI is down 1.51% to 283.55. Over in Hong Kong, the Hang Seng Index is down 1.10% to 16,725.86. In Japan, the Nikkei 225 was up 2.19% to 39,098.68, while the Topix index was up 1.27% to 2660.71. South Korea’s Kospi up 0.31% to 2,667.27. Australia S&P/ASX 200 is up 0.43% to, 7,643.60.

European equities show a slight increase, but gains are restricted by Germany’s economic challenges.

The DAX futures contract in Germany traded 0.01 higher, CAC 40 futures in France up 0.39% to 7,942.65 and the UK 100 futures contract in the U.K. down 0.00% to 7,684.28%.

US stocks surge on strong Nvidia results.

On Thursday, US stocks experienced a surge driven by impressive results from Nvidia. The chipmaker’s shares soared by 12.9%, fueled by its forecast of a nearly three-fold increase in first-quarter revenue, attributed to high demand for its artificial intelligence (AI) chips.

Indexes: Dow up 0.59%, S&P 500- up 1.31%, Nasdaq up 2.13%.

Corporate News:

Netflix, Inc. (NFLX) is up 2.64% at 588.47, Tesla, Inc. (TSLA) is up 1.36% at 197.41, and Apple Inc. (AAPL) is up 1.12% at 184.37. Goldman Sachs Group Inc (GS) up 0.57% at 390.47, and Morgan Stanley (MS) up 0.46% at 85.85.

Key Economic Events & Data Release Today:

(NZD) Retail Sales (QoQ) (Q4) Actual –1.9%, Forecast –0.2%, Previous 0.0% at 03:15.

(NZD) Core Retail Sales (QoQ) Actual –1.7%, Forecast –0.1%, Previous 1.0% at 03:15.

(EUR) German GDP (QoQ) (Q4) Actual –0.3%, Forecast –0.3%, Previous –0.1% at 12:30.