. Daily Index Analysis - S&P 500 Soars, Ending Slump, Anticipation Builds Friday's Data.

Daily Index Analysis – S&P 500 Soars, Ending Slump, Anticipation Builds Friday’s Data.

Daily Index Analysis – S&P 500 Soars, Ending Slump, Anticipation Builds Friday’s Data.

09 Dec 2023

Introduction:

In the indices market, Asian markets decline as investors analyze trade data from China and Australia. Meanwhile, European stocks rise on a luxury boost, while U.S. indices close higher driven by Alphabet and AMD gains, fueling an AI surge, with anticipation for Friday’s pivotal jobs report.

Market In Focus for today – S&P 500

Thursday’s stock surge helped the S&P 500 end three-day losing streaks as the crucial jobs data on Friday approached. The broad S&P 500 recorded a 0.80% increase, reaching 4,585.59.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 4581.97 | Positive Crossover | Bullish
  • MA 20: 4573.87 | Positive Crossover | Bullish
  • MA 50: 4542.51 | Positive Crossover | Bullish

Simple:

  • MA 5: 4576.67 | Positive Crossover | Bullish
  • MA 20: 4575.55| Positive Crossover | Bullish
  • MA 50: 4561.73 | Positive Crossover | Bullish

RSI (Relative Strength Index): 57.56| Buy Zone| Bullish

Stochastic Oscillator: 52.19 | Buy Zone | Bullish

Resistance And Support Levels:

  • R1: 4603.93 | R2: 4734.22
  • S1: 4532.53| S2: 4429.01

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion: Stop Buy : 4632.49 | Take Profit: 4734.22| Stop Loss: 4573.59.

Elsewhere in the Indices Market

Asian markets experience a decline as investors analyse trade data from China and Australia.

The Shanghai composite is up at 0.11%. Overall, the Singapore MSCI up 1.70% to 275.45. Over in Hong Kong, the Hang Seng Index down 0.07% to 16,334.34. In Japan, the Nikkei 225 down 1.70% to 32,307.86, while the Topix index was down 1.50% to 2,324.47. South Korea’s Kospi up 1.02% to 2,517.85. Australia S&P/ASX 200 up 0.30% to, 7,194.90.

European stocks rise on luxury boost, with attention now focused on crucial U.S jobs data.

The DAX futures contract in Germany traded 0.32 higher, CAC 40 futures in France up 0.79% to 7,487.33 and the UK 100 futures contract in the U.K. up 0.43% to 7,545.90.

U.S. indices closed higher, driven by gains in Alphabet and AMD, which fuelled a surge in AI.

Thursday saw an increase in stock prices, bringing an end to the three-day losing streaks for both the Dow Jones Industrial Average and S&P 500, with anticipation building for Friday’s crucial jobs report.

Indexes: Dow up 0.18%, S&P 500- up 0.80%, Nasdaq up 1.37%.

Corporate News:

Netflix, Inc. (NFLX) up 1.18% at 452.00, Tesla, Inc (TSLA) up 1.37% at 242.64, Apple Inc. (AAPL) up 0.01% at 194.27. Goldman Sachs Group Inc (GS) up 0.77% at 344.62, Morgan Stanley (MS) up 1.18% at 80.35.

Key Economic Events & Data Release Today:

(JPY) GDP (QoQ) (Q3) Actual –0.7%, Forecast –0.5%, Previous 1.2% at 05:30.

(EUR) German CPI (MoM) (Nov) Actual –0.4%, Forecast –0.4%, Previous 0.0% at 12:30.

(USD) Unemployment Rate (Nov) Forecast 3.9%, Previous 3.9% at 19:00.

(USD) Nonfarm Payrolls (Nov) Forecast 3.9%, Previous 150K at 19:00.

(USD) Average Hourly Earnings (MoM) (Nov) Forecast 0.3, Previous 0.2% at 19:00.