. Daily Index Analysis - S&P 500 Faces Turbulence Amid Gains.

Daily Index Analysis – S&P 500 Faces Turbulence Amid Gains.

Daily Index Analysis – S&P 500 Faces Turbulence Amid Gains.

04 Dec 2023

Introduction:

Global markets exhibit a varied landscape as Asian shares await pivotal data. Indices across Asia show mixed performance, while European stocks face declines due to pressure on commodity-related sectors. In the U.S., stock futures experience a dip after the S&P 500 reaches a 2023 high, marking a sustained five-week winning streak.

Market In Focus for today – S&P 500

U.S. stocks are poised to begin the new week with a negative tone, retracing a portion of the robust gains from the previous month as traders anticipate the pivotal jobs report scheduled for Friday. On Friday, the S&P 500 reached its peak level since March 2022, resulting in an almost 20% year-to-date gain.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 4585.80 | Positive Crossover | Bullish
  • MA 20: 4569.73 | Positive Crossover | Bullish
  • MA 50: 4522.96 | Positive Crossover | Bullish

Simple:

  • MA 5: 4584.98 | Positive Crossover | Bullish
  • MA 20: 4570.80| Positive Crossover | Bullish
  • MA 50: 4532.09 | Positive Crossover | Bullish

RSI (Relative Strength Index): 61.84| Buy Zone| Bullish

Stochastic Oscillator: 56.45| Buy Zone | Positive

Resistance And Support Levels:

  • R1: 4595.41 | R2: 4798.54
  • S1: 4508.86| S2: 4427.60

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion: Stop Buy : 4651.93 | Take Profit: 4798.54| Stop Loss: 4563.61.

Elsewhere in the Indices Market

Asian shares mixed as investors wait for key data.

The Shanghai composite is down at 0.29%. Overall, the Singapore MSCI down 0.71% to 271.55. Over in Hong Kong, the Hang Seng Index down 1.09% to 16,646.05. In Japan, the Nikkei 225 down 0.60% to 33,231.27, while the Topix index was down 0.83% to 2,362.65. South Korea’s Kospi up 0.40% to 2,514.95. Australia S&P/ASX 200 down 0.73% to, 7,124.70.

European stocks decline as miners and energy stocks face pressure from subdued commodity prices.

The DAX futures contract in Germany traded 0.25 higher, CAC 40 futures in France up 0.10% to 7,353.31 and the UK 100 futures contract in the U.K. down 0.11% to 7,520.82.

US stock futures dipped from a new 2023 high after a five-week winning streak.

On Monday, U.S. stock futures declined, relinquishing some recent gains as the final month of the year commenced.

In early Monday overnight trading, stock futures saw a minor decrease following the impressive performance of the S&P 500. The index achieved a new high for 2023, maintaining a steady five-week winning streak.

Indexes: Dow down 0.24%, S&P 500- up 0.52%, Nasdaq up 0.46%.

Corporate News:

Netflix, Inc. (NFLX) down 1.74% at 465.74, Tesla, Inc (TSLA) down 0.52% at 238.83, Apple Inc. (AAPL) up 0.68% at 191.24. Goldman Sachs Group Inc (GS) up 2.02% at 348.43, Morgan Stanley (MS) up 1.95% at 80.89.

Key Economic Events & Data Release Today:

(AUD) Retail Sales (MoM) Actual –0.2%, Forecast –0.2%, Previous 0.9% at 06:30.

(CHF) CPI (MoM) (Nov) Forecast –0.1%, Previous 1.7% at 13:00.

(EUR) ECB President Lagarde Speaks at 19:30.