. Daily Index Analysis - Wall Street Soars 0.83% as Investors Anticipate Inflation Report

Daily Index Analysis – Wall Street Soars 0.83% as Investors Anticipate Inflation Report

Daily Index Analysis – Wall Street Soars 0.83% as Investors Anticipate Inflation Report

29 Sep 2023

Introduction:

In the global indices market, diverse trends emerged as Asian stocks grappled with persistent rate concerns, while European shares surged, fueled by a luxury sector boost and anticipation of euro zone inflation data. Meanwhile, on Wall Street, investors digested economic data and awaited an important inflation report, ultimately closing the day with gains. Here’s a closer look at the key movements shaping the world’s financial landscape.

Market In Focus for today – Nasdaq 100

Wall Street ends higher as investors digest economic data ahead of inflation report. Nasdaq Composite gained 108.43 points, or 0.83% to 13,201.28.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 14861.59 | Negative Crossover | Bearish
  • MA 20: 14905.01 | Positive Crossover | Bullish
  • MA 50: 1507.53 | Positive Crossover | Bullish

Simple:

  • MA 5: 14826.24 | Negative Crossover | Bearish
  • MA 20: 14848.61| Positive Crossover | Bullish
  • MA 50: 15166.66 | Positive Crossover | Bullish

RSI (Relative Strength Index): 49.69 | Buy Zone | Bullish

Stochastic Oscillator: 99.05 | Buy Zone | Positive

Resistance And Support Levels:

  • R1: 14973.39 | R2: 15438.85
  • S1: 14658.88 | S2: 14268.90

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion: Stop Buy : 15086.61 | Take Profit: 15438.85 | Stop Loss: 14860.17.

Elsewhere in the Indices Market

Asian stocks struggle as rate fear lingers.

The Shanghai composite is up at 0.10%. Overall, the Singapore MSCI up 0.39% to 286.12. Over in Hong Kong, the Hang Seng Index up by 2.51% to 17,809.66. In Japan, the Nikkei 225 was down 0.05% to 31,857.62, while the Topic index was down 0.93% to 2,323.39. South Korea’s Koski up 0.09% to 2,465.07. Australia S&P/ASX 200 up 0.34% to, 7,048.60.

European shares rise on luxury boost ahead of euro zone inflation data.

The DAX futures contract in Germany traded 0.80 higher, CAC 40 futures in France up 0.81% to 7,173.59 and the UK 100 futures contract in the U.K. up 0.79% to 7,661.73.

As investors assess economic data ahead of the inflation report, Wall Street ends higher.

As investors evaluated the most recent set of economic data and as a jump in Treasury yields paused ahead of a crucial inflation report, Wall Street’s major indexes closed the day higher on Thursday.

Indexes up: Dow 0.35%, S&P 500- 0.59%, Nasdaq 0.83%.

Corporate News:

Walt Disney Co (DIS) up 0.29% at 80.13, Walmart Inc. (WMT) up at 0.51% at 162.54, Amazon.com, Inc. (AMZN) up at 1.05% at 125.98. JPMorgan Chase & Co (JPM) up 1.24% at 147.59, Morgan Stanley (MS) up 0.66% at 82.19.

Key Economic Events & Data Release Today:

(USD) Fed Chair Powell Speaks at 01:30.

(JPY) Retail Sales (YoY) (Aug) Actual 7.0%, Forecast 6.6%, Previous 6.8% at 05:20.

(GBP) GDP (QOQ) (Q2) Actual 0.2%, Forecast 0.2%, Previous 0.1% at 11:30.

(EUR) ECB President Lagarde Speaks at 13:10.

(EUR) German Unemployment Change (Sep) Actual 10K, Forecast 15K, Previous 18K at 13:25.

(USD) Core PCE Price Index (MOM) (Aug) Forecast 0.2%, Previous 0.2% at 18:00.

(CAD) GDP (MOM) (Jul) Forecast 0.1, Previous –0.2% at 18:00.