. Daily Index Analysis - Regional Uncertainties Impact Markets.

Daily Index Analysis – Regional Uncertainties Impact Markets.

Daily Index Analysis – Regional Uncertainties Impact Markets.

02 Jul 2024


Introduction:

Global indices show mixed performances, with Asian shares following Wall Street gains and European stocks declining due to French election uncertainties and rate concerns. U.S. futures dip as investors await labor market data and Federal Reserve Chair Jerome Powell’s speech at a European Central Bank event.

Market In Focus for today – Nasdaq 100

NASDAQ 100 halts its Upward Momentum.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 19983.52 | Negative Crossover | Bearish
  • MA 20: 19979.00 | Negative Crossover | Bearish
  • MA 50: 19807.02 | Positive Crossover | Bullish

Simple:

  • MA 5: 20009.69 | Negative Crossover | Bearish
  • MA 20: 19959.09| Negative Crossover | Bearish
  • MA 50: 19908.43 | Positive Crossover | Bullish

RSI (Relative Strength Index): 46.61| Neutral Zone| Neutral


Stochastic Oscillator: 15.32| Sell Zone | Neutral

Resistance And Support Levels:

  • R1: 20073.40 | R2: 20379.92
  • S1: 19755.90| S2: 19188.70


Overall Sentiment: Neutral | Market Direction: Sell


Trade Suggestion: Stop Sell: 19710.51 | Take Profit: 19233.99| Stop Loss: 20039.54.

S&P 500:

Stock index futures decline ahead of U.S. JOLTs report and Powell’s remarks; S&P falls.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 5529.87 | Negative Crossover | Bearish
  • MA 20: 5530.87 | Negative Crossover | Bearish
  • MA 50: 5495.05 | Positive Crossover | Bullish

Simple:

  • MA 5: 5535.53 | Negative Crossover | Bearish
  • MA 20: 5532.43| Negative Crossover | Bearish
  • MA 50: 5507.02 | Positive Crossover | Bullish

RSI (Relative Strength Index): 42.02|Neutral Zone | Neutral


Stochastic Oscillator: 0.00| Sell Zone | Negative

Resistance And Support Levels:

  • R1: 5559.41 | R2: 5632.33
  • S1: 5501.58| S2: 5383.41


Overall Sentiment: Neutral| Market Direction: Sell


Trade Suggestion: Stop Sell : 5486.50 | Take Profit: 5383.41| Stop Loss: 5571.98.

FTSE 100:

London’s FTSE 100 fell to its lowest level in two months on Tuesday amid investor caution ahead of parliamentary elections, though an increase in oil prices partially mitigated the downturn.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 8175.79 | Negative Crossover | Bearish
  • MA 20: 8197.18 | Negative Crossover | Bearish
  • MA 50: 8219.30 | Negative Crossover | Bearish

Simple:

  • MA 5: 8179.58 | Negative Crossover | Bearish
  • MA 20: 8217.97| Negative Crossover | Bearish
  • MA 50: 8210.06 | Negative Crossover | Bearish

RSI (Relative Strength Index): 35.29| Sell Zone| Bearish


Stochastic Oscillator: 0.0| Sell Zone | Neutral

Resistance And Support Levels:

  • R1: 8277.0 | R2: 8433.1
  • S1: 8124.5| S2: 7897.7


Overall Sentiment: Neutral | Market Direction: Sell


Trade Suggestion: Sell Limit : 8098.5 | Take Profit: 7920.0| Stop Loss: 8250.9.

DAX 40:

The DAX continued its decline on Tuesday, mirroring losses across European markets, following comments from ECB officials indicating that the central bank is not likely to cut interest rates again in the near future.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 18250.66 | Negative Crossover | Bearish
  • MA 20: 18213.20 | Negative Crossover | Bearish
  • MA 50: 18244.10 | Negative Crossover | Bearish

Simple:

  • MA 5: 18233.99 | Negative Crossover | Bearish
  • MA 20: 18224.99| Negative Crossover | Bearish
  • MA 50: 18270.00 | Negative Crossover | Bearish

RSI (Relative Strength Index): 40.81| Neutral Zone| Neutral


Stochastic Oscillator: 48.98| Buy Zone | Negative

Resistance And Support Levels:

  • R1: 18375.8 | R2: 18841.4
  • S1: 18039.6| S2: 17608.06


Overall Sentiment: Neutral | Market Direction: Sell


Trade Suggestion: Stop Sell : 17996.5 | Take Profit: 17608.6| Stop Loss: 18263.8


Elsewhere in the Indices Market:

Asian shares show mixed results following gains on Wall Street.

The Shanghai composite is up at 0.08%. Overall, the Singapore MSCI up 0.20% to 315.38. Over in Hong Kong, the Hang Seng Index up 0.29% to 17,769.14. In Japan, the Nikkei 225 up 1.12% to 40,074.69, while the Topix index was up 1.15% to 2856.62. South Korea’s Kospi down 0.84% to 2,780.86. Australia S&P/ASX 200 down 0.42% to, 7,718.20.

European stocks decline amid ongoing French election uncertainties and rate concerns.

The DAX futures contract in Germany traded down 1.20, CAC 40 futures in France down 0.97% to 7,487.82 and the UK 100 futures contract in the U.K. down 0.47% to 8,184.47.

Futures dip ahead of Fed’s Powell speech and Boeing plea deal.

U.S. stock futures edge down as investors anticipate upcoming labor market data during a holiday-shortened trading week. Federal Reserve Chair Jerome Powell is set to speak at a European Central Bank event, with the Fed’s potential interest rate path for the remainder of the year in focus.

Indexes: Dow up 0.3%, S&P 500- up 0.3%, Nasdaq down 0.4%.

Corporate News:

Netflix, Inc. (NFLX) down 0.19% at 673.61, Tesla, Inc (TSLA) up 6.05% at 209.86, Apple Inc. (AAPL) up 2.91% at 216.75. Goldman Sachs Group Inc (GS) up 2.51% at 463.66, Morgan Stanley (MS) up 2.03% at 99.16.



Key Economic Events & Data Release Today:

(EUR) CPI (YoY) (Jun) Forecast 2.5%, Previous 2.6% at 14:30.

(USD) Fed Chair Powell Speaks at 09:30.

(EUR) ECB President Lagarde Speaks at 09:30.

(USD) JOLTs Job Openings (May) Forecast 7.960M, Previous 8.059M at 10:00.

(AUD) Retail Sales (MoM) (May) Previous 0.1% at 21:30.