. Daily Index Analysis - S&P 500 Surges, Uncover Secrets Shaping Investments

Daily Index Analysis – S&P 500 Surges, Uncover Secrets Shaping Investments

Daily Index Analysis – S&P 500 Surges, Uncover Secrets Shaping Investments

17 Nov 2023

Introduction:

In the global indices market, Asian stocks faced downward pressure amid profit warnings and signals of a slowing U.S. economy. Meanwhile, European shares saw gains fuelled by the healthcare sector. In the U.S., Wall Street’s rally paused as the S&P 500 and Nasdaq made marginal gains, while the Dow Industrial Average dipped, influenced by disappointing forecasts from tech and retail giants Cisco and Walmart.

Market In Focus for today – S&P 500

The S&P 500 managed to eke out tiny gains on Thursday, the S&P gained 5.36 points, or 0.12%.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 4523.69 | Positive Crossover | Bullish
  • MA 20: 4469.62 | Positive Crossover | Bullish
  • MA 50: 4399.81 | Positive Crossover | Bullish

Simple:

  • MA 5: 4524.42 | Positive Crossover | Bullish
  • MA 20: 4460.64| Positive Crossover | Bullish
  • MA 50: 4348.17 | Positive Crossover | Bullish

RSI (Relative Strength Index): 75.98| Buy Zone| Bullish

Stochastic Oscillator: 82.12 | Buy Zone | Neutral

Resistance And Support Levels:

  • R1: 4542.42 | R2: 4628.97
  • S1: 4480.60| S2: 4422.30

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion: Stop Buy : 4563.61 | Take Profit: 4628.97| Stop Loss: 4524.75.

Elsewhere in the Indices Market

Asian stocks faced downward pressure due to profit warnings and signs the US economy is slowing.

The Shanghai composite is up at 0.11%. Overall, the Singapore MSCI down 0.34% to 275.57. Over in Hong Kong, the Hang Seng Index down 2.12% to 17,454.19. In Japan, the Nikkei 225 up 0.48% to 33,585.20, while the Topix index was up 0.95% to 2,391.05. South Korea’s Kospi down 0.74% to 2,469.85. Australia S&P/ASX 200 down 0.13% to, 7,049.40.

European shares gain on healthcare boost.

The DAX futures contract in Germany traded 0.65 higher, CAC 40 futures in France up 0.76% to 7,223.06 and the UK 100 futures contract in the U.K. up 0.93% to 7,480.20.

Wall St gains rally takes breather as Cisco, Walmart drop.

On Thursday, the S&P 500 and Nasdaq secured marginal gains, while the Dow Industrial Average (.DJI) closed slightly lower. The tech and retail giants Cisco and Walmart exerted pressure on the Dow following disappointing forecasts.

Indexes: Dow down 0.13%, S&P 500- up 0.12%, Nasdaq up 0.07%.

Corporate News:

Netflix, Inc. (NFLX) up 1.08% at 466.95, Tesla, Inc (TSLA) down 3.81% at 233.59, Apple Inc. (AAPL) up 0.90% at 189.71. Goldman Sachs Group Inc (GS) down 0.28% at 336.67, Morgan Stanley (MS) down 0.25% at 79.66.

Key Economic Events & Data Release Today:

(GBP) Retail Sales (MoM) (Oct) Actual –0.3%, Forecast 0.3%, Previous –0.9% at 02:00.

(EUR) ECB President Lagarde Speaks at 14:00.

(EUR) CPI (YoY) (Oct) Forecast 2.9%, Previous 4.3% at 05:00.

(USD) Building Permits (Oct) Forecast 1.450M, Previous 1.471M at 08:30.