. Daily Index Analysis - S&P 500 nears record, FTSE 100 rises.

Daily Index Analysis – S&P 500 nears record, FTSE 100 rises.

Daily Index Analysis – S&P 500 nears record, FTSE 100 rises.

28 Dec 2023

Introduction:

In In the global indices market, Asian markets mostly saw positive trends, with the US stocks closing higher overnight amid optimistic investor sentiment. Notable gains were observed in the Shanghai Composite, Singapore MSCI, and Hang Seng Index. However, Japanese indices experienced a slight decline. European shares remained steady, balancing energy losses with gains in healthcare. Wall Street recorded modest gains, with the S&P 500 near its all-time closing high in quiet trading lacking significant catalysts.

Market In Focus for today – S&P 500

S&P 500 futures are little changed as the index inches close to an all-time high.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 4830.30 | Positive Crossover | Bullish
  • MA 20: 4807.32 | Positive Crossover | Bullish
  • MA 50: 4713.23 | Positive Crossover | Bullish

Simple:

  • MA 5: 4831.92 | Positive Crossover | Bullish
  • MA 20: 4807.33| Positive Crossover | Bullish
  • MA 50: 4713.24 | Positive Crossover | Bullish

RSI (Relative Strength Index): 67.07| Buy Zone| Bullish

Stochastic Oscillator: 78.85|Buy Zone | Positive

Resistance And Support Levels:

  • R1: 4840.77 | R2: 4949.82
  • S1: 4724.28| S2: 4630.10

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion: Buy Limit: 4734.20 | Take Profit: 4840.77| Stop Loss: 4667.28.

FTSE 100:

In the UK, the FTSE 100 index has also seen an uplift, primarily driven by the strength of metal miners and favorable market conditions.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 7748.10 | Negative Crossover | Bearish
  • MA 20: 7690.70 | Positive Crossover | Bullish
  • MA 50: 7609.26 | Positive Crossover | Bullish

Simple:

  • MA 5: 7756.04 | Negative Crossover | Bearish
  • MA 20: 7690.69| Positive Crossover | Bullish
  • MA 50: 7609.26| Positive Crossover | Bullish

RSI (Relative Strength Index): 61.32| Buy Zone| Bullish

Stochastic Oscillator: 55.92|Buy Zone | Negative

Resistance And Support Levels:

  • R1: 7755.8 | R2: 7917.6
  • S1: 7654.1| S2: 7566.2

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion:  Stop Buy: 7783.5 | Take Profit: 7917.6| Stop Loss: 7704.9.

Elsewhere in the Indices Market:

The Asian markets traded mostly higher, while the US stocks closed in the green overnight as investors sentiment remained upbeat.

The Shanghai composite is up at 1.38%. Overall, the Singapore MSCI is up 1.89% to 285.10. Over in Hong Kong, the Hang Seng Index up 2.52% to 17,043.53. In Japan, the Nikkei 225 was down 0.42% to 33,539.62, while the Topix index was down 0.14% to 2,362.02. South Korea’s Kospi up 1.60% to 2,655.28. Australia S&P/ASX 200 is up 0.70% to, 7,614.30.

European shares remained unchanged as losses in the energy sector offset gains in healthcare.

The DAX futures contract in Germany traded 0.10 lower, CAC 40 futures in France down 0.09% to 7,564.94, and the UK 100 futures contract in the U.K. down 0.03% to 7,722.53.

Wall Street achieves marginal gains as the S&P 500 hovers close to its all-time closing high.

In subdued trading on Wednesday, U.S. stocks closed with marginal gains, lacking significant news to drive conviction, while the S&P 500 remained just below bull market confirmation levels.

Indexes: Dow up 0.30%, S&P 500- up 0.14%, Nasdaq up 0.16%.

Corporate News:

Netflix, Inc. (NFLX) is up 0.14% at 491.89, Tesla, Inc. (TSLA) is up 1.89% at 261.47, and Apple Inc. (AAPL) is up 0.052% at 193.15. Goldman Sachs Group Inc (GS) is up 0.75% at 384.48, and Morgan Stanley (MS) is up 0.88% at 93.66.

Key Economic Events & Data Release Today:

(JPY) Industrial Production (MoM) (Nov) Actual –0.9, Forecast –0.6%, Previous 1.3% at 05:20.

(JPY) Retail Sales (YoY) (Nov) Actual 5.3%, Forecast 5.0%, Previous 4.2% at 5:20.

(USD) Initial Jobless Claims Forecast 210K, Previous 205K at 19:00.

(USD) Pending Home Sales (MoM) (Nov) Forecast 1.0%, Previous –1.5% at 20:30.

(USD) Crude Oil Inventories Forecast –2.704M, Previous 2.909M at 21:30.