Introduction:

In Elsewhere in the Indices Market, we observe a surge in Asia’s markets fuelled by positive developments in China. Meanwhile, European markets celebrate a significant upturn as the ECB announces an end to rate increases. On Wall Street, positive economic news propels stocks higher, with Arm Holdings making an impressive stock market debut.

Market In Focus Today – S&P 500

On Thursday, the S&P 500 finished higher as hotter-than-anticipated GDP statistics allayed concerns about a recession without igniting concerns about a Federal Reserve rate hike next week, while Arm Holdings rocketed in its stock market debut.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

• MA 5: 4528.87 | Positive Crossover | Bullish
• MA 20: 4494.67 | Positive Crossover | Bullish
• MA 50: 4484.76 | Positive Crossover | Bullish

Simple:

• MA 5: 4520.42 | Positive Crossover | Bullish
• MA 20: 4479.93| Positive Crossover | Bullish
• MA 50: 4481.72 | Positive Crossover | Bullish

RSI (Relative Strength Index): 70.37 | Buy Zone | Positive

Stochastic Oscillator: 96.44 | Buy Zone | Positive

Resistance And Support Levels: 

• R1: 4590.47 | R2: 4637.10
• S1: 4549.50 | S2: 4500.05

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion: Buy limit: 4549.50 | Take Profit: 4591.88 | Stop Loss: 4508.52.

Elsewhere in the Indices Market

Asia’s markets rise as positive China news lifts the market.

The Shanghai composite is down at 0.28%. Overall, the Singapore MSCI up 0.15% to 281.99. Over in Hong Kong, the Hang Seng Index is up by 1.02% to 18,231.49. In Japan, the Nikkei 225 was up 1.10% to 33,533.09, while the Topix index was up 0.95% to 2,428.38. South Korea’s Kospi up 1.10% to 2,601.28. Australia S&P/ASX 200 is up 1.29% to, 7,279.00.

European markets experience their best day in six months as the ECB announces an end to rate increases.

The DAX futures contract in Germany traded 1.07% higher, CAC 40 futures in France up 1.43% to 7,413.25 and the UK 100 futures contract in the U.K. up 0.71% to 7,727.52.

US STOCKS-Wall Street closes higher on the back of positive economic news; Arm soars in debut.

Indexes closed the day higher on Thursday as hotter-than-expected growth statistics allayed concerns about a recession without fuelling anxiety about a rate hike from the Federal Reserve next week. Arm Holdings also had a strong stock market debut.

Indexes: Dow up 0.96%, S&P 500 up 0.84%, Nasdaq up 0.81%.

Corporate News:

Tesla (TSLA) is up 1.75% at 276.04, Goldman Sachs Group Inc (GS) is up 2.86% at 344.57, and NVIDIA Corp (NVDA) is up 0.21% at 455.81. JPMorgan Chase & Co (JPM) up 1.94% at 149.25, Walt Disney Co (DIS) up 1.20% at 84.48.

Key Economic Events & Data Release Today:

(CNY) Industrial Production (YoY) (Aug) Actual 4.5%, Forecast 4.0%, Previous 3.7% at 07:30.

(EUR) ECB President Lagarde Speaks at 15:15.

(NZD) Annual Budget Release at 17:30.

(CAD) Manufacturing Sales (MoM) (Jul) Forecast 0.7%, Previous –1.7% at 18:00.

(USD) Industrial Production (MoM) (Aug) Forecast 0.1%, Previous 1.0% at 18:45.