. Daily Index Analysis - S&P 500's Wild Ride, Fed Drama, Consumer Stability

Daily Index Analysis – S&P 500’s Wild Ride, Fed Drama, Consumer Stability

Daily Index Analysis – S&P 500’s Wild Ride, Fed Drama, Consumer Stability

30 Nov 2023

Introduction:

In the dynamic world of indices, Asian stocks rise ahead of the OPEC+ meeting and US price update. Notable movements include Shanghai Composite’s 0.63% climb and Hong Kong’s Hang Seng Index down by 0.29%. Meanwhile, European stocks experience a November surge slowdown after remarks from ECB officials, while Wall Street remains cautious amid awaited Fed speakers’ policy insights.

Market In Focus for today – S&P 500

Amid conflicting statements from Federal Reserve officials, U.S. stocks concluded with modest gains, supported by positive consumer data that offered a lift to investor sentiment.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 4566.61 | Negative Crossover | Bearish
  • MA 20: 4557.51 | Positive Crossover | Bullish
  • MA 50: 4506.44 | Positive Crossover | Bullish

Simple:

  • MA 5: 4569.52 | Negative Crossover | Bearish
  • MA 20: 4564.65| Positive Crossover | Bullish
  • MA 50: 4509.47 | Positive Crossover | Bullish

RSI (Relative Strength Index): 58.15| Buy Zone| Bullish

Stochastic Oscillator: 3.26| Sell Zone | Negative

Resistance And Support Levels:

  • R1: 4568.91 | R2: 4650.17
  • S1: 4514.16| S2: 4445.27

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion: Stop Buy : 4584.81 | Take Profit: 4650.17| Stop Loss: 4545.95.

Elsewhere in the Indices Market

Asian stocks are generally up, Ahead of the OPEC+ meeting and the US price update.

The Shanghai composite is up at 0.63%. Overall, the Singapore MSCI down 0.55% to 270.75. Over in Hong Kong, the Hang Seng Index down 0.29% to 17,042.88. In Japan, the Nikkei 225 up 0.50% to 33,486.89, while the Topix index was up 0.44% to 2,374.93. South Korea’s Kospi up 0.61% to 2,535.29. Australia S&P/ASX 200 up 0.74% to, 7,087.30.

November’s surge in European stocks falters following ECB officials’ remarks.

The DAX futures contract in Germany traded 0.23 higher, CAC 40 futures in France up 0.19% to 7,281.33 and the UK 100 futures contract in the U.K. up 0.19% to 7,281.33.

Wall Street is muted in the US as traders await Fed speakers’ policy clues.

U.S. stocks closed with modest increases as investors navigated conflicting statements from Federal Reserve officials, with positive consumer data offering some support.

Indexes: Dow up 0.24%, S&P 500- up 0.10%, Nasdaq up 0.29%.

Corporate News:

Netflix, Inc. (NFLX) down 0.38% at 477.19, Tesla, Inc (TSLA) down 1.05% at 244.14, Apple Inc. (AAPL) down 0.54% at 189.37. Goldman Sachs Group Inc (GS) up 0.12% at 340.26, Morgan Stanley (MS) up 0.64% at 78.55.

Key Economic Events & Data Release Today:

(CNY) Manufacturing PMI (Nov) Actual 49.4, Forecast 49.7, Previous 49.5 at 07:00.

(EUR) German Unemployment Change (Nov) Forecast 22k, Previous 30K at 14:25.

(EUR) CPI (YoY) (Nov) Forecast 2.7%, Previous 2.9% at 15:30.

(CAD) GDP (MoM) (Sep) Forecast 0.0%, Previous 0.0% at 19:00.

(USD) Initial Jobless Claims Forecast 220K, Previous 209K at 19:00.

(EUR) ECB President Lagarde Speaks at 19:00.

(USD) Pending Home Sales (MoM) (Oct) Forecast –2.0%, Previous 1.1% at 20:30.