. Weekly Index Analysis - Expert Analysis, Dow Jones' 0.66% Ascent

Weekly Index Analysis – Expert Analysis, Dow Jones’ 0.66% Ascent

Weekly Index Analysis – Expert Analysis, Dow Jones’ 0.66% Ascent

04 Nov 2023

Introduction:

In the global indices market, Asian markets posted gains, while Wall Street experienced significant losses. European shares saw some recovery as the ECB maintained interest rates, despite concerns over earnings. Meanwhile, on Wall Street, a turbulent week of earnings reports and economic data left markets with mixed results.

Market In Focus for the Next Week – DOW JONES

On Friday, the leading stock indices of Wall Street witnessed a strong advance, with bond yields dropping significantly. The Dow Jones Industrial Average (.DJI) rose 222.24 points, or 0.66%, to 34,061.32.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 33643.07 | Positive Crossover | Bullish
  • MA 20: 33512.08 | Positive Crossover | Bullish
  • MA 50: 33862.50 | Positive Crossover | Bullish

Simple:

  • MA 5: 33506.3 | Negative Crossover | Bullish
  • MA 20: 33512.6| Negative Crossover | Bullish
  • MA 50: 34008.3 | Negative Crossover | Bullish

RSI (Relative Strength Index): 58.88 | Buying Zone | Bullish

Stochastic Oscillator: 92.06 | Buying Zone | Positive

Resistance And Support Levels:

  • R1: 34226.22 | R2: 35071.53
  • S1: 33642.18| S2: 32996.67

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion: Stop Buy : 34441.39 | Take Profit: 35071.53 | Stop Loss: 34041.79.

Elsewhere in the Indices Market.

Asian market trade higher, buoyed by favourable reports.

The Shanghai composite is up at 0.99%. Overall, the Singapore MSCI up 3.36% to 281.50. Over in Hong Kong, the Hang Seng Index up by 2.52% to 17,664.12. In Japan, the Nikkei 225 up 1.10% to 31,949.89, while the Topix index was up 0.51% to 2,322.39. South Korea’s Kospi up 1.08% to 2,368.34. Australia S&P/ASX 200 up 1.14% to, 6,978.20.

European shares eye best week since March, automobile lead gains.

The DAX futures contract in Germany traded 0.30% higher, CAC 40 futures in France down 0.19% to 7,047.50 and the UK 100 futures contract in the U.K. down 0.39% to 7,417.73.

Wall Street close higher as Treasury yields fall after weak jobs data.

The primary stock indices on Wall Street surged on Friday as bond yields experienced a significant decline, prompted by data indicating a slowdown in U.S. job growth and an increase in unemployment. This raised optimism that the Federal Reserve has concluded its campaign of interest rate hikes.

Indexes: Dow up 0.66%, S&P up 0.94%, Nasdaq up 1.38%.

Corporate News:

Tesla (TSLA) up 0.66% at 219.96, Apple (AAPL) down at 0.52% at 176.65, Morgan Stanley (MS) up at 3.81% at 76.26. JPMorgan Chase & Co (JPM) up 1.13% at 143.00, Goldman Sachs Group Inc, (GS) up 4.42% at 327.62.

Key Economic Events & Data Release for Upcoming Week:

(CAD) Ivey PMI (Oct) (Monday).

(AUD) RBA Interest Rate (Nov) (Monday).

(EUR) German Industrial Production (Mom) (Sep) (Tuesday)

(EUR) German CPI (Mom) (Oct) (Wednesday).

(EUR) German GDP (QoQ) (Q3) (Wednesday).

(USD) Fed Chair Powell Speaks (Wednesday).

(USD) Crude Oil Inventories (Wednesday)

(USD) Initial Jobless Claims (Thursday Index