. Daily Index Analysis - Tokyo high, luxury plunges, Dow drama.

Daily Index Analysis – Tokyo high, luxury plunges, Dow drama.

Daily Index Analysis – Tokyo high, luxury plunges, Dow drama.

26 Feb 2024

Introduction:

In the Asian indices market, Tokyo achieves a fresh record high amidst a broader downturn. The Shanghai composite experiences a 0.93% decline, while European stocks face setbacks ahead of Euro Zone inflation data. In the U.S., stock futures display minimal movement after a week of record highs, with investors awaiting upcoming inflation data.

Market In Focus for today – Dow Jones

The Dow Jones advanced as most of its index components experienced upward movement.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 39038.33 | Positive Crossover | Bullish
  • MA 20: 38838.27 | Positive Crossover | Bullish
  • MA 50: 38725.28 | Positive Crossover | Bullish

Simple:

  • MA 5: 39029.45 | Positive Crossover | Bullish
  • MA 20: 38838.37| Positive Crossover | Bullish
  • MA 50: 38735.26 | Positive Crossover | Bullish

RSI (Relative Strength Index): 66.81| Buy Zone| Buy

Stochastic Oscillator: 87.78| Buy Zone | Positive

Resistance And Support Levels:

  • R1: 39364.66 | R2: 40258.86
  • S1: 38350.07| S2: 37190.55

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion: Limit Buy: 38519.17 | Take Profit: 39364.66| Stop Loss: 38011.88.

S&P 500:

The S&P 500 reached fresh highs as the ongoing rally persisted.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 5077.33 | Positive Crossover | Bullish
  • MA 20: 5042.45 | Positive Crossover | Bullish
  • MA 50: 5021.01 | Positive Crossover | Bullish

Simple:

  • MA 5: 5079.78 | Positive Crossover | Bullish
  • MA 20: 5042.90| Positive Crossover | Bullish
  • MA 50: 5021.49| Positive Crossover | Bullish

RSI (Relative Strength Index): 70.34| Bullish Zone| Positive

Stochastic Oscillator: 84.00| Positive Zone | Neutral

Resistance And Support Levels:

  • R1: 5107.27 | R2: 5188.63
  • S1: 5018.03| S2: 4939.30

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion:  Limit Buy: 4997.02 | Take Profit: 5119.03| Stop Loss: 4920.33.

FTSE 100:

The FTSE 100 Index is down as shares in luxury and building stocks fall.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 7699.95 | Negative Crossover | Bearish
  • MA 20: 7707.00 | Negative Crossover | Bearish
  • MA 50: 7654.63 | Positive Crossover | Bullish

Simple:

  • MA 5: 7699.48 | Negative Crossover | Bearish
  • MA 20: 7707.34| Negative Crossover | Bearish
  • MA 50: 7654.65| Positive Crossover | Bullish

RSI (Relative Strength Index): 54.26| Buy Zone| Bullish

Stochastic Oscillator: 36.62| Sell Zone | Neutral

Resistance And Support Levels:

  • R1: 7700.6 | R2: 7787.6
  • S1: 7645.9| S2: 7578.6

Overall Sentiment: Neutral | Market Direction: Buy

Trade Suggestion: Stop Buy: 7711.9 | Take Profit: 7778.8| Stop Loss: 7667.3.

DAX 40:

DAX Index 17,500 in the Hands of ECB President Lagarde.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 17374.44 | Positive Crossover | Bullish
  • MA 20: 17250.45 | Positive Crossover | Bullish
  • MA 50: 17118.64| Positive Crossover | Bullish

Simple:

  • MA 5: 17372.04| Positive Crossover | Bullish
  • MA 20: 17250.45| Positive Crossover | Bullish
  • MA 50: 17118.64| Positive Crossover | Bullish

RSI (Relative Strength Index): 71.83| Buy Zone| Bullish

Stochastic Oscillator: 76.84|Buy Zone | Negative

Resistance And Support Levels:

  • R1: 17461.0 | R2: 17700.8
  • S1: 17194.6| S2: 16832.4

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion:  Limit Buy: 17180.09 | Take Profit: 17477.09| Stop Loss: 16984.05.

Elsewhere in the Indices Market:

Most of the Asian stocks experience a downturn, with Tokyo reaching a new record high once again.

The Shanghai composite is down at 0.93%. Overall, the Singapore MSCI is down 0.12% to 283.05. Over in Hong Kong, the Hang Seng Index is down 0.54% to 16,634.00. In Japan, the Nikkei 225 was up 0.35% to 39,233.71, while the Topix index was up 0.49% to 2673.62. South Korea’s Kospi down 0.77% to 2,647.08. Australia S&P/ASX 200 is up 0.12% to, 7,652.80.

European stocks witness a decline amid the looming Euro Zone inflation data.

The DAX futures contract in Germany traded 0.07 higher, CAC 40 futures in France down 0.29% to 7,943.32, and the UK 100 futures contract in the U.K. down 0.26% to 7,686.09%.

US Stock futures show minimal movement following a week of record-setting performance.

On Monday, U.S. equity futures showed minimal changes following the attainment of record highs by key stock benchmarks, with investors anticipating the release of inflation data later in the week.

Indexes: Dow down 0.1%, S&P 500- down 0.8%, Nasdaq down 0.08%.

Corporate News:

Netflix, Inc. (NFLX) is down 0.83% at 583.56, Tesla, Inc. (TSLA) down 2.76% at 191.97, and Apple Inc. (AAPL) down 1.00% at 182.52. Goldman Sachs Group Inc (GS) is up 0.15% at 391.05, and Morgan Stanley (MS) is up 0.82% at 86.55.

Key Economic Events & Data Release Today:

(USD) Building Permits Forecast 1.470M, Previous 1.493M at 18:30.

(USD) New Home Sales (Jan) Forecast 680K, Previous 664K at 20:30.

(EUR) ECB President Lagarde Speaks at 21:30.