. Daily Index Analysis - rebound, stumble, falter.

Daily Index Analysis – rebound, stumble, falter.

Daily Index Analysis – rebound, stumble, falter.

18 Apr 2024

Introduction:

In the indices market, Asian markets respond to US cues with varying movements. While the Shanghai composite rises, the Nikkei 225 and South Korea’s Kospi decline. Meanwhile, European stocks decrease amidst tensions in the Middle East. In the US, stocks conclude with a mixed performance as rising Treasury yields and concerns over geopolitical tensions overshadow positive corporate results.

Market In Focus for today – Nasdaq 100

The NASDAQ 100 initially declined during Tuesday’s trading session but later reversed its course, displaying signs of resurgence.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 18000.91 | Negative Crossover | Bearish
  • MA 20: 18109.03 | Negative Crossover | Bearish
  • MA 50: 18225.06 | Negative Crossover | Bearish

Simple:

  • MA 5: 18019.15 | Negative Crossover | Bearish
  • MA 20: 18167.70| Negative Crossover | Bearish
  • MA 50: 18302.57 | Negative Crossover | Bearish

RSI (Relative Strength Index): 35.98| Sell Zone| Bearish

Stochastic Oscillator: 12.12| Selling Zone | Negative

Resistance And Support Levels:

  • R1: 18082.41 | R2: 18654.69
  • S1: 17520.54| S2: 17052.31

Overall Sentiment: Bearish | Market Direction: Sell

Trade Suggestion: Sell Limit: 18030.39 | Take Profit: 17572.56| Stop Loss: 18332.14.

S&P 500:

S&P 500 falls third day in a row.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 5130.05 | Negative Crossover | Bearish
  • MA 20: 5165.12 | Negative Crossover | Bearish
  • MA 50: 5205.34 | Negative Crossover | Bearish

Simple:

  • MA 5: 5131.93 | Negative Crossover | Bearish
  • MA 20: 5180.86| Negative Crossover | Bearish
  • MA 50: 5237.91 | Negative Crossover | Bearish

RSI (Relative Strength Index): 32.08| Selling Zone| Negative

Stochastic Oscillator: 16.81| Sell Zone | Negative

Resistance And Support Levels:

  • R1: 5200.94 | R2: 5327.28
  • S1: 5060.86| S2: 4937.26

Overall Sentiment: Bearish | Market Direction: Sell

Trade Suggestion:  Sell Limit : 5165.23 | Take Profit: 5060.86| Stop Loss: 5244.88.

FTSE 100:

FTSE 100 declines amid UK downgrade by IMF and escalating tensions in the Middle East.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 7896.66 | Negative Crossover | Bearish
  • MA 20: 7921.24 | Negative Crossover | Bearish
  • MA 50: 7910.64 | Negative Crossover | Bearish

Simple:

  • MA 5: 7917.06 | Negative Crossover | Bearish
  • MA 20: 7943.67| Negative Crossover | Bearish
  • MA 50: 7944.25 | Negative Crossover | Bearish

RSI (Relative Strength Index): 39.44| Bearish Zone| Negative

Stochastic Oscillator: 5.19| Negative Zone | Negative

Resistance And Support Levels:

  • R1: 7959.8 | R2: 8063.1
  • S1: 7802.3| S2: 7662.1

Overall Sentiment: Bearish | Market Direction: Sell

Trade Suggestion:  Sell Limit : 7880.0 | Take Profit: 7749.8| Stop Loss: 7962.1.

Euro Stoxx 50:

On Tuesday, European equities experienced a decline amidst a worldwide sell-off, fueled by diminishing expectations of swift US interest rate reductions and escalating concerns regarding the possibility of broader conflict in the Middle East. The DAX 40 displayed mixed performance amid these developments.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 4962.01 | Negative Crossover | Bearish
  • MA 20: 4983.80 | Negative Crossover | Bearish
  • MA 50: 5006.57 | Negative Crossover | Bearish

Simple:

  • MA 5: 4960.05 | Negative Crossover | Bearish
  • MA 20: 4989.00 | Negative Crossover | Bearish
  • MA 50: 5037.64 | Negative Crossover | Bearish

RSI (Relative Strength Index): 40.91| Sell Zone| Bearish

Stochastic Oscillator: 43.63| Neutral Zone | Positive

Resistance And Support Levels:

  • R1: 5001 | R2: 5139
  • S1: 4879 | S2: 4754

Overall Sentiment: Bearish | Market Direction: Sell

Trade Suggestion:  Sell Limit : 4982 | Take Profit: 4855 | Stop Loss: 5064.

Elsewhere in the Indices Market:

Asian markets under pressure following US cues.

The Shanghai composite is up at 1.77%. Overall, the Singapore MSCI up 0.54% to 287.18. Over in Hong Kong, the Hang Seng Index down 0.46% to 16,174.55. In Japan, the Nikkei 225 down 1.32% to 37,961.80, while the Topix index was down 1.26% to 2663.15. South Korea’s Kospi down 0.98% to 2,584.18. Australia S&P/ASX 200 down 0.091% to, 7,605.60.

European stocks decline amidst the backdrop of tensions in the Middle East.

The DAX futures contract in Germany traded 0.11 higher, CAC 40 futures in France up 0.53% to 7,974.37 and the UK 100 futures contract in the U.K. down 0.01% to 7,819.20.

US stocks conclude with a mixed performance amid increasing Treasury yields and concerns over tensions in the Middle East.

On On Tuesday, Wall Street experienced fluctuations, ultimately closing with a mixed performance. The rise in US Treasury yields and heightened geopolitical concerns offset the generally positive string of corporate results for the first quarter.

Indexes: Dow up 0.17%, S&P 500- down 0.21%, Nasdaq down 0.12%.

Corporate News:

Netflix, Inc. (NFLX) up 1.71% at 617.52, Tesla, Inc (TSLA) down 2.71% at 157.11, Apple Inc. (AAPL) down 1.92% at 169.38. Goldman Sachs Group Inc (GS) down 1.00% at 396.86, Morgan Stanley (MS) up 2.47% at 89.14.

Key Economic Events & Data Release Today:

(NZD) CPI (QoQ) (Q1) Forecast –0.6%, Previous –0.5% at 04:15.

(GBP) CPI (YoY) (Mar) Forecast 3.1%, Previous 4.4% at 11:30

(EUR) CPI (YoY) (Mar) Forecast 2.4%, Previous 2.6% at 14:30.

(USD) Crude Oil Inventories Forecast 1.600M, Previous 5.841M at 20:00.

(GBP) BoE Gov Bailey Speaks at 21:30.

(EUR) ECB President Lagarde Speaks at 23:30.