. Daily Index Analysis - FTSE 100, and DAX 40 Surge

Daily Index Analysis – FTSE 100, and DAX 40 Surge

Daily Index Analysis – FTSE 100, and DAX 40 Surge

10 May 2024

Introduction:

Global markets see varied movements as Asian stocks surge on renewed hopes for global rate cuts. In Europe, stocks rise with UK growth data bolstering positive sentiment. Meanwhile, U.S. stock futures climb as the Dow eyes an eighth straight day of gains, fueled by optimistic economic indicators.

Market In Focus for today – Nasdaq 100

The NASDAQ 100 maintains a strong sense of support, with a prevailing sentiment of “buying on the dips.”

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 18177.64 | Positive Crossover | Bullish
  • MA 20: 18077.30 | Positive Crossover | Bullish
  • MA 50: 17954.05 | Positive Crossover | Bullish

Simple:

  • MA 5: 18189.10 | Positive Crossover | Bullish
  • MA 20: 18067.65| Positive Crossover | Bullish
  • MA 50: 17772.93 | Positive Crossover | Bullish

RSI (Relative Strength Index): 68.77| Bullish Zone| Positive


Stochastic Oscillator: 79.59| Buying Zone | Negative

Resistance And Support Levels:

  • R1: 18376.06 | R2: 18698.45
  • S1: 17397.92| S2: 17615.53


Overall Sentiment: Bullish | Market Direction: Buy


Trade Suggestion: Buy Limit: 18095.82 | Take Profit: 18506.79| Stop Loss: 17834.80.

S&P 500:

S&P climbs back above the 5,200.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 5218.68 | Positive Crossover | Bullish
  • MA 20: 5191.32 | Positive Crossover | Bullish
  • MA 50: 5159.73 | Positive Crossover | Bullish

Simple:

  • MA 5: 5219.13 | Positive Crossover | Bullish
  • MA 20: 5184.84| Positive Crossover | Bullish
  • MA 50: 5122.88 | Positive Crossover | Bullish

RSI (Relative Strength Index): 72.53 | Bullish Zone| Positive


Stochastic Oscillator: 100.00| Buy Zone | Positive

Resistance And Support Levels:

  • R1: 5265.00 | R2: 5332.77
  • S1: 5126.18| S2: 5033.88


Overall Sentiment: Bullish | Market Direction: Buy


Trade Suggestion:  Buy Limit : 5183.82 | Take Profit: 5297.61| Stop Loss: 5110.80.

FTSE 100:

FTSE 100 Index achieves a new record peak as the UK economy rebounds.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 8376.13 | Positive Crossover | Bullish
  • MA 20: 8312.02 | Positive Crossover | Bullish
  • MA 50: 8185.51 | Positive Crossover | Bullish

Simple:

  • MA 5: 8380.78 | Positive Crossover | Bullish
  • MA 20: 8290.63| Positive Crossover | Bullish
  • MA 50: 8141.39 | Positive Crossover | Bullish

RSI (Relative Strength Index): 81.61| Buy Zone| Bullish


Stochastic Oscillator: 100.00| Positive Zone | Neutral

Resistance And Support Levels:

  • R1: 8455.54 | R2: 8524.35
  • S1: 8364.30| S2: 8248.71


Overall Sentiment: Bullish | Market Direction: Buy


Trade Suggestion:  Buy Limit : 8308.2 | Take Profit: 8457.2| Stop Loss: 82210.

DAX 40:

DAX index futures surge to a new high.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 18592.85 | Positive Crossover | Bullish
  • MA 20: 18432.89 | Positive Crossover | Bullish
  • MA 50: 18251.18 | Positive Crossover | Bullish

Simple:

  • MA 5: 18583.19 | Positive Crossover | Bullish
  • MA 20: 18336.19| Positive Crossover | Bullish
  • MA 50: 18136.88 | Positive Crossover | Bullish

RSI (Relative Strength Index): 79.83| Bullish Zone| Positive


Stochastic Oscillator: 100.00| Buy Zone | Negative

Resistance And Support Levels:

  • R1: 18859.5 | R2: 19177.9
  • S1: 18583.0| S2: 18289.7


Overall Sentiment: Bullish | Market Direction: Buy


Trade Suggestion:  Buy Limit : 18502.3 | Take Profit: 18768.6| Stop Loss: 18319.8.


Elsewhere in the Indices Market:


Asian stocks surge on renewed global rate cut optimism.

The Shanghai composite is up at 0.01%. Overall, the Singapore MSCI up 0.96% to 305.62. Over in Hong Kong, the Hang Seng Index up 2.30% to 18,963.68. In Japan, the Nikkei 225 up 0.41% to 38,229.11, while the Topix index was up 0.54% to 2728.21. South Korea’s Kospi up 0.57% to 2,727.63. Australia S&P/ASX 200 up 0.35% to, 7,749.00.

European stocks climb as positive sentiment strengthens with the addition of UK growth data.

The DAX futures contract in Germany traded 0.47 higher, CAC 40 futures in France up 0.67% to 8,242.19 and the UK 100 futures contract in the U.K. up 0.70% to 8,440.04.

U.S. Stock futures climb as the Dow aims for an eighth consecutive day of gains.

On Friday, U.S. stocks were poised for a favourable conclusion to the week. Encouraged by the latest report revealing weekly jobless claims surpassing expectations, the stock market rally gained momentum on anticipation of potential interest rate cuts.

Indexes: Dow up 0.20%, S&P 500- up 0.51%, Nasdaq up 0.27%.


Corporate News:

Netflix, Inc. (NFLX) up 0.43% at 612.09, Tesla, Inc (TSLA) down 1.57% at 171.97, Apple Inc. (AAPL) up 1.00% at 184.57. Goldman Sachs Group Inc (GS) up 1.93% at 455.56, Morgan Stanley (MS) up 2.58% at 98.11.



Key Economic Events & Data Release Today:

(GBP) GDP (QoQ) (Q1) Forecast 0.4%, Previous –0.3% at 11:30.

(GBP) Industrial Production (MoM) Forecast –0.5%, Previous 1.1% at 11:30.

(GBP) GDP (QoQ) (Q1) Forecast 0.0%, Previous –0.2% at 11:30.

(GBP) Manufacturing Production (MoM) (Mar) Forecast –0.5%, Previous 1.2% at 11:30.

(GBP) GDP (MoM) (Mar) Forecast 0.1%, Previous 0.1% at 11:30.

(EUR) ECB Publishes Account of Monetary Policy Meetings at 17:00.

(CAD) Employment Change (Apr) Forecast 20.9K, Previous –2.2K at 18:00.