. Daily Index Analysis - Swiss Watches Boost FTSE 100 Amid Energy Decline.

Daily Index Analysis – Swiss Watches Boost FTSE 100 Amid Energy Decline.

Daily Index Analysis – Swiss Watches Boost FTSE 100 Amid Energy Decline.

07 Nov 2023

Introduction:

In the indices market, Asian stocks ended their winning streak, awaiting the Reserve Bank of India (RBI). Various Asian indices saw declines, including the Shanghai Composite and Hong Kong’s Hang Seng Index. European shares slipped after a strong week, with futures contracts reflecting this trend. On Wall Street, stocks extended their winning streak, while investors kept an eye on Federal Reserve speakers and upcoming Treasury auctions.

Market In Focus for today – FTSE 100

European stocks displayed a weak performance on Tuesday. The decline in energy sector stocks counteracted the gains in the financial sector. However, Watches in Switzerland surged to a level not seen in over a month following a robust second-quarter report.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 7424.25 | Negative Crossover | Bearish
  • MA 20: 7408.47 | Positive Crossover | Bullish
  • MA 50: 7433.29 | Negative Crossover | Bearish

Simple:

  • MA 5: 7425.56 | Negative Crossover | Bearish
  • MA 20: 7389.45| Positive Crossover | Bullish
  • MA 50: 7437.84 | Negative Crossover | Bearish

RSI (Relative Strength Index): 52.78| Buy Zone| Positive

Stochastic Oscillator: 63.21 | Buy Zone | Neutral

Resistance And Support Levels:

  • R1: 7485.8 | R2: 7593.1
  • S1: 7410.5| S2: 7267.4

Overall Sentiment: Bearish | Market Direction: Sell

Trade Suggestion: Stop Sell : 7369.0 | Take Profit: 7267.4| Stop Loss: 7444.3.

Elsewhere in the Indices Market

Asian stocks market snap winning streak, await RBI.

The Shanghai composite is down at 0.04%. Overall, the Singapore MSCI down 0.55% to 281.52. Over in Hong Kong, the Hang Seng Index down 1.65% to 17,670.16. In Japan, the Nikkei 225 down 1.34% to 32,271.82, while the Topix index was down 1.17% to 2,332.91. South Korea’s Kospi down 2.33% to 2,443.96. Australia S&P/ASX 200 down 0.29% to, 6,997.10.

European shares slip after strong week.

The DAX futures contract in Germany traded 0.13 lower, CAC 40 futures in France down 0.33% to 6,990.26 and the UK 100 futures contract in the U.K. up 0.09% to 7,424.64.

Wall St extends winning streak; eyes Fed speakers, Treasury auctions.

On Monday, U.S. stocks saw a modest increase in their closing, with investors anticipating insights from numerous Federal Reserve officials later in the week regarding the central bank’s policy direction. Additionally, a substantial amount of bond supply is scheduled to enter the market.

Indexes: Dow down 0.19%, S&P 500- up 0.02%, Nasdaq up 0.11%.

Corporate News:

Amazon.com, Inc. (AMZN) up 0.82% at 139.74, Walt Disney Co (DIS) down 1.21% at 84.02, Apple Inc. (AAPL) up 1.46% at 179.23. Goldman Sachs Group Inc (GS) down 1.13% at 323.91, Morgan Stanley (MS) down 0.45% at 75.92.

Key Economic Events & Data Release Today:

(JPY) Monetary Policy Meeting Minutes at 05:20.

(GBP) Construction PMI (Oct) Forecast 46.0, Previous 45.0 at 15:00.

(CAD) Ivey PMI (Oct) Previous 53.1 at 20:30.

(GBP) BoE MPC Member Pill Speaks at 22:30.