. Daily Index Analysis - S&P 500 Surges 0.52% in 3-Day Winning Streak

Daily Index Analysis – S&P 500 Surges 0.52% in 3-Day Winning Streak

Daily Index Analysis – S&P 500 Surges 0.52% in 3-Day Winning Streak

11 Oct 2023

Introduction:

“In the ever-evolving landscape of the global indices market, recent developments across Asia, Europe, and Wall Street have been making headlines. From optimistic rate expectations in Asia to dovish Central Bank views in Europe and the influence of Federal Reserve officials on Wall Street, this update provides insights into the latest trends and movements in these crucial markets.”.

Market In Focus for today – S&P 500

Wall street indexes closed higher on Tuesday, to notch their third straight day of gains. The S&P 500 gained 0.52% to 4,358.24.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 4382.43 | Positive Crossover | Bullish
  • MA 20: 4342.75 | Positive Crossover | Bullish
  • MA 50: 4358.98 | Positive Crossover | Bullish

Simple:

  • MA 5: 4385.34 | Positive Crossover | Bullish
  • MA 20: 4318.76| Positive Crossover | Bullish
  • MA 50: 4351.09 | Positive Crossover | Bullish

RSI (Relative Strength Index): 62.06 | Buy Zone | Bullish

Stochastic Oscillator: 100.00 | Buy Zone | Positive

Resistance And Support Levels:

  • R1: 4407.66 | R2: 4507.76
  • S1: 4346.49| S2: 4264.47

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion: Stop Buy : 4431.29 | Take Profit: 4507.76 | Stop Loss: 4378.47.

Elsewhere in the Indices Market

Asia market gains with treasuries on rate optimism.

The Shanghai composite is up at 0.12%. Overall, the Singapore MSCI up 0.39% to 285.27. Over in Hong Kong, the Hang Seng Index up by 1.29% to 17,893.10. In Japan, the Nikkei 225 up 0.60% to 31,746.53, while the Topix index was down 0.19% to 2,307.84. South Korea’s Kospi up 1.98% to 2,450.08. Australia S&P/ASX 200 up 0.68% to, 7,088.40.

Due to dovish Cbank views, European stocks mark best day in nearly a year.

The DAX futures contract in Germany traded 0.08 higher, CAC 40 futures in France down 0.54% to 7,124.03 and the UK 100 futures contract in the U.K. up 0.07% to 7,633.58.

Dovish Fed officials boost Wall Street as bond yields retreat.

Tuesday saw Wall Street indexes close higher, marking their third straight day of gains, as investors cautiously followed developments in the Middle East and U.S. Federal Reserve officials’ dovish remarks drove down Treasury yields.

Indexes: Dow up 0.4%, S&P 500- up 0.52%, Nasdaq up 0.58%.

Corporate News:

Netflix Inc (NFLX) down 3.27% at 373.32, Tesla Inc. (TSLA) up 1.52% at 263.62, Apple Inc. (AAPL) down 0.34% at 178.39. JPMorgan Chase & Co (JPM) up 0.61% at 145.65, Morgan Stanley (MS) up 0.28% at 80.13.

Key Economic Events & Data Release Today:

(EUR) German CPI (MoM) (Sep) Actual 0.3%, Forecast 0.3%, Previous 0.3% at 11:30.

(CAD) Building Permits (MoM) (Aug) Forecast 0.5%, Previous –1.5% at 18:00.

(USD) PPI (MoM) (Sep) Forecast 0.3%, Previous 0.7% at 18:00.

(USD) FOMC Meeting Minutes at 23:30.