. Daily Index Analysis - Unravel Dow Jones' Chaotic Surge Amidst Fed Contradictions.

Daily Index Analysis – Unravel Dow Jones’ Chaotic Surge Amidst Fed Contradictions.

Daily Index Analysis – Unravel Dow Jones’ Chaotic Surge Amidst Fed Contradictions.

29 Nov 2023

Introduction:

In the indices market, Asian stocks show restraint amid Chinese caution, tempering enthusiasm over the Fed’s policy shift. Meanwhile, European stocks pause their November surge after remarks from ECB officials, and Wall Street closes slightly higher amidst mixed statements from the Federal Reserve and positive consumer data.

Market In Focus for today – Dow Jones

Tuesday’s small increases in U.S. stocks came from investors analysing contradictory statements made by Federal Reserve officials; positive consumer data also helped. The Dow Jones Industrial Average (.DJI) climbed by 83.51 points, or 0.24%, reaching a level of 35,416.98.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 35468.0 | Positive Crossover | Bullish
  • MA 20: 35305.7 | Positive Crossover | Bullish
  • MA 50: 34902.4 | Positive Crossover | Bullish

Simple:

  • MA 5: 35446.1 | Positive Crossover | Bullish
  • MA 20: 35331.9| Positive Crossover | Bullish
  • MA 50: 34874.29 | Positive Crossover | Bullish

RSI (Relative Strength Index): 75.38| Buy Zone| Bullish

Stochastic Oscillator: 58.54| Buy Zone | Positive

Resistance And Support Levels:

  • R1: 35567.77 | R2: 36396.30
  • S1: 35129.83| S2: 34680.05

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion: Stop Buy : 35780.82 | Take Profit: 36396.30| Stop Loss: 35402.06.

Elsewhere in the Indices Market

Asian stocks remain subdued as caution in China restrains enthusiasm over the Fed’s shift in policy.

The Shanghai composite is down at 0.55%. Overall, the Singapore MSCI up 0.92% to 269.73. Over in Hong Kong, the Hang Seng Index down 2.08% to 16,993.44. In Japan, the Nikkei 225 down 0.26% to 33,321.22, while the Topix index was down 0.51% to 2,364.50. South Korea’s Kospi up 1.05% to 2,521.76. Australia S&P/ASX 200 up 0.29% to, 7,035.30.

The surge in European stocks during November comes to a halt following statements from ECB officials.

The DAX futures contract in Germany traded 0.87 higher, CAC 40 futures in France up 0.46% to 7,283.62 and the UK 100 futures contract in the U.K. down 0.06% to 7,450.53.

Wall Street finishes slightly up following mixed statements from the Federal Reserve.

On Tuesday, 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 0.35% at 479.00, Tesla, Inc (TSLA) up 4.51% at 246.72, Apple Inc. (AAPL) up 0.32% at 190.40. Goldman Sachs Group Inc (GS) down 0.18% at 337.65, Morgan Stanley (MS) down 1.37% at 76.88.

Key Economic Events & Data Release Today:

(NZD) RBNZ Interest Rate Decision Actual 5.50%, Forecast 5.50%, Previous 5.50% at 06:30.

(NZD) RBNZ Press Conference at 07:30.

(EUR) German CPI (MoM) (Nov) Forecast –0.2%, Previous 0.0% at 18:30.

(USD) GDP (QoQ) (Q3) Forecast 4.9%, Previous 2.1% at 19:00.

(GBP) BoE Gov Bailey Speaks at 20:35.