. Daily Index Analysis - S&P 500 breaks records, cautious markets.

Daily Index Analysis – S&P 500 breaks records, cautious markets.

Daily Index Analysis – S&P 500 breaks records, cautious markets.

12 Feb 2024

Introduction:

In the global indices market, Asian stocks show little movement amid reduced trading activity due to holidays. Shanghai composite gains 1.28%, Singapore MSCI rises 0.84%, while Hong Kong’s Hang Seng Index dips 0.83%. European stocks edge higher cautiously, with Germany’s DAX and France’s CAC 40 futures up. Meanwhile, U.S. stock futures remain stable after a record-setting week for the S&P 500.

Market In Focus for today – Dow Jones

Early on Monday, U.S. stock futures remained close to the neutral zone. Dow Jones Industrial Average futures experienced a slight decline of 30 points or 0.1%

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 38730.75 | Negative Crossover | Bearish
  • MA 20: 38674.15 | Positive Crossover | Bullish
  • MA 50: 38744.51 | Negative Crossover | Bearish

Simple:

  • MA 5: 38763.03 | Positive Crossover | Bullish
  • MA 20: 38674.62| Positive Crossover | Bullish
  • MA 50: 38745.00 | Positive Crossover | Bullish

RSI (Relative Strength Index): 56.05| Buy Zone| Bullish

Stochastic Oscillator: 32.81| Sell Zone | Negative

Resistance And Support Levels:

  • R1: 38881.95 | R2: 39302.16
  • S1: 38409.22| S2: 37915.47

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion: Limit Buy: 38461.74 | Take Profit: 38881.95| Stop Loss: 38220.12.

S&P 500:

The S&P 500 experienced a 1.4% increase last week, achieving its inaugural weekly close above the 5000 threshold.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 5024.11 | Positive Crossover | Bullish
  • MA 20: 4998.50 | Positive Crossover | Bullish
  • MA 50: 5036.71 | Positive Crossover | Bullish

Simple:

  • MA 5: 5026.34 | Positive Crossover | Bullish
  • MA 20: 4998.38| Positive Crossover | Bullish
  • MA 50: 5036.56| Positive Crossover | Bullish

RSI (Relative Strength Index): 74.18| Bullish Zone| Positive

Stochastic Oscillator: 98.99| Buy Zone | Neutral

Resistance And Support Levels:

  • R1: 5048.02 | R2: 5139.91
  • S1: 4951.30| S2: 4844.90

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion:  Limit Buy: 4958.55 | Take Profit: 5048.02| Stop Loss: 4905.35.

FTSE 100:

The FTSE 100 Index remains unchanged in anticipation of a significant economic week.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 7617.90 | Negative Crossover | Bearish
  • MA 20: 7643.12 | Negative Crossover | Bearish
  • MA 50: 7601.55 | Negative Crossover | Bearish

Simple:

  • MA 5: 7622.11 | Negative Crossover | Bearish
  • MA 20: 7643.01| Negative Crossover | Bearish
  • MA 50: 7600.82| Negative Crossover | Bearish

RSI (Relative Strength Index): 36.07| Sell Zone| Negative

Stochastic Oscillator: 0.69| Sell Zone | Negative

Resistance And Support Levels:

  • R1: 7637.5 | R2: 7717.4
  • S1: 7568.7| S2: 7440.5

Overall Sentiment: Neutral | Market Direction: Sell

Trade Suggestion:  Sell Limit: 7587.0 | Take Profit: 7496.2| Stop Loss: 7639.4.

DAX 40:

European stock markets saw mostly positive movement on Monday following reduced trading activity in Asian markets due to holidays.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 17038.11 | Positive Crossover | Bullish
  • MA 20: 17037.03 | Positive Crossover | Bullish
  • MA 50: 17035.06 | Positive Crossover | Bullish

Simple:

  • MA 5: 17040.04| Positive Crossover | Bullish
  • MA 20: 17037.06| Positive Crossover | Bullish
  • MA 50: 17035.72| Positive Crossover | Bullish

RSI (Relative Strength Index): 53.25| Positive Zone| Bullish

Stochastic Oscillator: 11.12|Sell Zone | Negative

Resistance And Support Levels:

  • R1: 17129.9 | R2: 17271.1
  • S1: 16969.0| S2: 16800.4

Overall Sentiment: Neutral | Market Direction: Sell

Trade Suggestion:  Limit Buy: 16941.6 | Take Profit: 17129.0| Stop Loss: 16839.6.

Elsewhere in the Indices Market:

Asian stocks move little in holiday-thinned trade.

The Shanghai composite is up at 1.28%. Overall, the Singapore MSCI up 0.84% to 279.77. Over in Hong Kong, the Hang Seng Index down 0.83% to 15,746.58. In Japan, the Nikkei 225 was up 0.09% to 36,897.42, while the Topix index was down 0.19% to 2557.88. South Korea’s Kospi up 0.41% to 2,620.32. Australia S&P/ASX 200 is down 0.39% to, 7,614.90.

European stocks rise with cautious sentiment prevailing.

The DAX futures contract in Germany traded 0.35 higher, CAC 40 futures in France up 0.37% to 7,675.79, and the UK 100 futures contract in the U.K. down 0.13% to 7,563.08.

Stock futures show minimal movement following a week that saw the S&P 500 achieve record highs.

In the early hours of Monday, U.S. stock futures remained close to unchanged levels, following a week where the S&P 500 set new records.

Indexes: Dow down 0.1%, S&P 500- remain flat, Nasdaq up 0.1%.

Corporate News:

Netflix, Inc. (NFLX) is up 0.50% at 561.32, Tesla, Inc. (TSLA) is up 2.12% at 193.57, and Apple Inc. (AAPL) is up 0.41% at 188.85. Goldman Sachs Group Inc (GS) down 0.20% at 384.26, Morgan Stanley (MS) up 0.28% at 85.89.

Key Economic Events & Data Release Today:

(NZD) RBNZ Gov Orr Speaks at 06:00.

(GBP) BoE Gov Bailey Speaks at 23:30.