. Weekly Index Analysis - Global markets clash, expect twists ahead.

Weekly Index Analysis – Global markets clash, expect twists ahead.

Weekly Index Analysis – Global markets clash, expect twists ahead.

23 Mar 2024

Introduction:

Across Asian stock markets, declines followed recent record highs on Wall Street. While Japan’s Nikkei 225 edged up, others like Hong Kong’s Hang Seng Index saw a notable dip. European stocks, however, continued their ascent, with marginal gains extending their record levels. Meanwhile, Wall Street capped off its most remarkable week of the year with a subdued finish, maintaining proximity to its record highs.

Market In Focus for the Next Week – Nasdaq 100

Despite experiencing a downturn on Friday, the U.S. stock market showcased resilience throughout the week, with the Nasdaq exhibiting weekly gains.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 18370.11 | Positive Crossover | Bullish
  • MA 20: 18234.12 | Positive Crossover | Bullish
  • MA 50: 17894.96 | Positive Crossover | Bullish

Simple:

  • MA 5: 18299.31 | Positive Crossover | Bullish
  • MA 20: 18224.29| Positive Crossover | Bullish
  • MA 50: 17949.58 | Positive Crossover | Bullish

RSI (Relative Strength Index): 65.52| Buy Zone| Bullish

Stochastic Oscillator: 96.79| Buy Zone | Positive

Resistance And Support Levels:

  • R1: 18690.81 | R2: 19327.33
  • S1: 18054.29| S2: 17258.64

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion: Limit Buy : 17831.51 | Take Profit: 18738.55| Stop Loss: 17258.64.

S&P 500:

The S&P 500 closes near unchanged, yet the index registers its largest weekly gain of the year.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 5232.08 | Positive Crossover | Bullish
  • MA 20: 5182.87 | Positive Crossover | Bullish
  • MA 50: 51071.89 | Positive Crossover | Bullish

Simple:

  • MA 5: 5221.15 | Positive Crossover | Bullish
  • MA 20: 5173.75| Positive Crossover | Bullish
  • MA 50: 5071.29| Positive Crossover | Bullish

RSI (Relative Strength Index): 72.68| Bullish Zone| Positive

Stochastic Oscillator: 91.29|Buy Zone | Neutral

Resistance And Support Levels:

  • R1: 5317.88 | R2: 5489.13
  • S1: 5098.32| S2: 4874.38

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion:  Limit Buy : 5098.32 | Take Profit: 5317.88| Stop Loss: 4953.42.

FTSE 100:

For the second consecutive week, the FTSE 100 secures gains following the Bank of England’s dovish stance.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 7804.27 | Positive Crossover | Bullish
  • MA 20: 7755.36 | Positive Crossover | Bullish
  • MA 50: 7690.88 | Positive Crossover | Bullish

Simple:

  • MA 5: 7791.39 | Positive Crossover | Bullish
  • MA 20: 7731.09| Positive Crossover | Bullish
  • MA 50: 7662.21| Positive Crossover | Bullish

RSI (Relative Strength Index): 70.63| Buying Zone| Buy

Stochastic Oscillator: 92.23|Buy Zone | Negative

Resistance And Support Levels:

  • R1: 7973.2 | R2: 8119.5
  • S1: 7801.9| S2: 7612.8

Overall Sentiment: Positive | Market Direction: Buy

Trade Suggestion:   Limit Buy: 7809.0 | Take Profit: 7976.8| Stop Loss: 7712.7.

DAX 40:

Following Friday’s session, German stocks climbed higher, with the Transportation & Logistics, Food & Beverages, and Utilities sectors driving the upward movement in shares.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 18068.63 | Positive Crossover | Bullish
  • MA 20: 17897.55 | Positive Crossover | Bullish
  • MA 50: 17373.22 | Positive Crossover | Bullish

Simple:

  • MA 5: 18068.09 | Positive Crossover | Bullish
  • MA 20: 17885.35| Positive Crossover | Bullish
  • MA 50: 17496.22| Positive Crossover | Bullish

RSI (Relative Strength Index): 77.29| Positive Zone| Bullish

Stochastic Oscillator: 92.88|Buy Zone | Neutral

Resistance And Support Levels:

  • R1: 18298.1 | R2: 18944.0
  • S1: 17614.7| S2: 16912.8

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion:  Limit Buy : 17559.3 | Take Profit: 18298.1| Stop Loss: 17116.0.

Elsewhere in the Indices Market

Asian stock markets experienced declines, Following recent record highs on Wall Street

The Shanghai composite is down at 0.95%. Overall, the Singapore MSCI down 0.26% to 292.23. Over in Hong Kong, the Hang Seng Index down 2.16% to 16,499.47. In Japan, the Nikkei 225 up 0.18% to 40,883.43, while the Topix index was up 0.61% to 2813.22. South Korea’s Kospi down 0.23% to 2,748.56. Australia S&P/ASX 200 down 0.15% to, 7,770.60.

European stocks concluded the session marginally higher, further extending their record levels.

The DAX futures contract in Germany traded 0.15 higher, CAC 40 futures in France down 0.34% to 8,151.92 and the UK 100 futures contract in the U.K. up 0.61% to 7,930.92.

Wall Street wraps up its most impressive week of the year with a subdued ending.

U.S. stocks concluded their strongest performance of the year with a calm conclusion on Friday, staying close to their record levels.

Indexes: Dow down 0.8%, S&P 500- down 0.1%, Nasdaq up 0.2%.

Corporate News:

Tesla (TSLA) down 1.15% at 170.83, Apple (AAPL) up at 0.53% at 172.28, Morgan Stanley (MS) down at 1.55% at 91.95. JPMorgan Chase & Co (JPM) down 1.23% at 196.62, Goldman Sachs Group Inc, (GS) down 1.67% at 406.82.

Key Economic Events & Data Release for Upcoming Week:

(USD) Building Permits (Monday)

(USD) New Home Sales (Feb) (Monday)

(USD) CB Consumer Confidence (Tuesday)

(USD) Crude Oil Inventories (Wednesday)

(AUD) Retail Sales (MoM) (Feb) (Thursday)

(GBP) GDP (QoQ) (Q4) (Thursday)

(GBP) GDP (YoY) (Q4) (Thursday)

(EUR) German Unemployment Change (Mar) (Thursday)