. Weekly Index Analysis - FTSE 100 Surges 1.26%, European Markets Rally

Weekly Index Analysis – FTSE 100 Surges 1.26%, European Markets Rally

Weekly Index Analysis – FTSE 100 Surges 1.26%, European Markets Rally

18 Nov 2023

Introduction:

In the global indices market, Asian markets traded lower after a mixed closing on Wall Street. The Shanghai Composite edged up by 0.11%, while Hong Kong’s Hang Seng Index dipped 2.12%. European shares ended the week higher with DAX, CAC 40, and UK 100 futures posting gains. Meanwhile, Wall Street barely gained on Friday, with investors grappling with earlier advancements and uncertain prospects of interest rate cuts following comments from Federal Reserve officials.

Market In Focus for the Next Week – FTSE 100

On Friday, European shares experienced an uptick, driven by gains in financials and healthcare sectors, concluding the week on a positive note. FTSE 100 rose 1.26%.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 7460.17 | Positive Crossover | Bullish
  • MA 20: 7439.13 | Positive Crossover | Bullish
  • MA 50: 7469.32 | Positive Crossover | Bullish

Simple:

  • MA 5: 7457.22 | Positive Crossover | Bullish
  • MA 20: 7398.89| Positive Crossover | Bullish
  • MA 50: 7509.06 | Negative Crossover | Bearish

RSI (Relative Strength Index): 55.11 | Buying Zone | Bullish

Stochastic Oscillator: 91.4 | Buying Zone | Neutral

Resistance And Support Levels:

  • R1: 7518.2 | R2: 7714.9
  • S1: 7378.1| S2: 7235.0

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion: Stop Buy : 7559.9 | Take Profit: 7714.9 | Stop Loss: 7470.5.

Elsewhere in the Indices Market.

Asian market trade lower following a mixed close Wall St.

The Shanghai composite is up at 0.11%. Overall, the Singapore MSCI down 0.22% to 275.88. Over in Hong Kong, the Hang Seng Index down by 2.12% to 17,454.19. In Japan, the Nikkei 225 up 0.48% to 33,585.29, while the Topix index was up 0.95% to 2,391.05. South Korea’s Kospi down 0.74% to 2,469.85. Australia S&P/ASX 200 down 0.13% to, 7,049.40.

European shares end week higher as bond yields slide on rate cut bets.

The DAX futures contract in Germany traded 0.84% higher, CAC 40 futures in France up 0.91% to 7,233.91 and the UK 100 futures contract in the U.K. up 1.26% to 7,504.25.

Wall Street barely gains as traders digest earlier gains, Fed comments.

On Friday, Wall Street’s three major indexes inched up marginally as investors processed recent advancements. However, the outlook regarding the timing of potential interest rate cuts became uncertain due to comments from Federal Reserve officials.

Indexes: Dow up 0.01%, S&P up 0.13%, Nasdaq up 0.08%.

Corporate News:

Tesla (TSLA) up 0.30% at 234.30, Apple (AAPL) down at 0.11% at 189.69, Morgan Stanley (MS) up at 0.78% at 80.28. JPMorgan Chase & Co (JPM) up 0.90% at 152.82, Goldman Sachs Group Inc, (GS) up 0.75% at 339.19.

Key Economic Events & Data Release for Upcoming Week:

(GBP) BoE Gov Bailey Speaks (Tuesday).

(AUD) RBA Meeting Minutes (Tuesday).

(CAD) Core CPI (MoM) (Oct) (Tuesday)

(USD) Existing Home Sales (Tuesday).

(USD) FOMC Meeting Minutes (Wednesday).

(USD) Initial Jobless Claims (Wednesday).

(USD) FOMC Meeting Minutes (Thursday)

(EUR) German Manufacturing PMI (Nov) (Thursday).

(GBP) Manufacturing PMI (Thursday).

(EUR) German GDP (QOQ) (Q3) (Friday)

(EUR) ECB President Lagarde Speaks (Friday)