. Daily Index Analysis - S&P 500 Plunges After Holidays, Investor Shockwave Unveiled

Daily Index Analysis – S&P 500 Plunges After Holidays, Investor Shockwave Unveiled

Daily Index Analysis – S&P 500 Plunges After Holidays, Investor Shockwave Unveiled

28 Nov 2023

Introduction:

In the global indices market, Asian stocks show a slight rise, anticipating additional economic signals from the US and China. However, European stocks decline as traders evaluated statements from ECB officials. Meanwhile, Wall Street experiences a downturn during Cyber Monday, following a post-Thanksgiving breather, with retailers enticing bargain hunters with attractive deals.

Market In Focus for today – S&P 500

Monday saw a slight decline in U.S. stocks as investors took a post-Thanksgiving break as the holiday shopping season got underway and businesses enticed shoppers with Cyber Monday discounts. S&P 500 lost 8.91 points, or 0.20%, to 4,550.43

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 4560.56 | Negative Crossover | Bearish
  • MA 20: 4549.05 | Positive Crossover | Bullish
  • MA 50: 4489.79 | Positive Crossover | Bullish

Simple:

  • MA 5: 4557.87 | Negative Crossover | Bearish
  • MA 20: 4557.57| Positive Crossover | Bullish
  • MA 50: 4487.09 | Positive Crossover | Bullish

RSI (Relative Strength Index): 63.51| Buy Zone| Bullish

Stochastic Oscillator: 20.18 | Sell Zone | Neutral

Resistance And Support Levels:

  • R1: 4565.38 | R2: 4636.04
  • S1: 4514.16| S2: 4436.44

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion: Stop Buy : 4577.75 | Take Profit: 4636.04| Stop Loss: 4547.72.

Elsewhere in the Indices Market

Asian stocks inch higher as additional US, Chinese economic signals on tap.

The Shanghai composite is up at 0.23%. Overall, the Singapore MSCI down 0.73% to 269.73. Over in Hong Kong, the Hang Seng Index down 0.98% to 17,354.14. In Japan, the Nikkei 225 down 0.12% to 33,408.39, while the Topix index was down 0.21% to 2,376.71. South Korea’s Kospi up 1.05% to 2,521.76. Australia S&P/ASX 200 up 0.39% to, 7,015.20.

European stocks decline as traders assess the statements of ECB officials.

The DAX futures contract in Germany traded 0.24 lower, CAC 40 futures in France down 0.58% to 7,223.11 and the UK 100 futures contract in the U.K. up 0.59% to 7,416.55.

Wall Street declines amid cyber-Monday madness.

On Monday, U.S. stocks experienced a slight decline as investors took a breather after Thanksgiving, coinciding with the commencement of the holiday shopping season. Retailers attracted bargain hunters with enticing Cyber Monday deals.

Indexes: Dow down 0.16%, S&P 500- down 0.20%, Nasdaq down 0.07%.

Corporate News:

Netflix, Inc. (NFLX) down 0.81% at 479.17, Tesla, Inc (TSLA) up 0.27% at 236.08, Apple Inc. (AAPL) down 0.95% at 189.79. Goldman Sachs Group Inc (GS) down 0.42% at 337.71, Morgan Stanley (MS) down 0.89% at 77.95.

Key Economic Events & Data Release Today:

(AUD) Retail Sales (MoM) (Oct) Actual –0.2%, Forecast 0.1%, Previous 0.9% at 06:00.

(USD) CB Consumer Confidence (Nov) Forecast 101.0, Previous 102.6 at 20:30.

(EUR) ECB President Lagarde Speaks at 21:30.

(GBP) MPC Member Haskel Speaks at 22:30.