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10/06/21 10:53
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Nikkei 225, FTSE 100 and S&P 500 try to recover into month end Outlook on Nikkei 225, FTSE 100 and S&P 500 as the oil price, US yields and greenback retreat from their lofty heights. Source: Bloomberg Axel Rudolph FSTA | Senior Financial Analyst, London | Publication date: Friday 29 September 2023 11:36 Nikkei 225 stabilizes as September draws to an end The Nikkei 225 stabilizes into month-end despite Japan consumer morale falling to a six-month low as better-than-expected preliminary industrial production and a positive close on Wall Street aided Asian stock markets to stem their September falls. The Nikkei 225 thus managed to stay above its Thursday low at 31,665.4 which was made close to the 25 August low at 31,563.2. Were this level to give way in October, the August low at 31,251.2 would be in focus. Immediate resistance to contend with is the 22 September low at 32,167.9, followed by the mid-September low and the 55-day simple moving average (SMA) at 32,396.5 to 32,464.9. While below this area, bearish pressure retains the upper hand. Source: ProRealTime FTSE 100 bounces off support into month end The FTSE 100 is trying to build on Thursday’s Wall Street led gains following dovish comments by Federal Reserve (Fed) members Goolsbee and Barkin and better-than-expected UK revised business investment numbers. The 200-day simple moving average (SMA) at 7,650 is thus back in sight. Potential stumbling blocks above it can be seen at the 7,688 June high and also between the 7,723 July peak and the current September high at 7,747. These highs will need to be bettered for the psychological 7,800 mark and the 8 May high at 7,817 to be back in play. Minor support sits at Wednesday’s low at 7,553. A fall through this week’s low at 7,523 would open the door to the psychological 7,500 region. Source: ProRealTime S&P 500 ends nine straight day fall A retreat in the oil price, greenback and US yields amid dovish Fed talk and sharply lower revised consumer spending have helped the S&P 500 stem its nine straight day fall to 4,239 and led to a small positive close on Thursday. While this week’s low underpins, the late June to August lows at 4,328 to 4,337 will be eyed. First, though, Thursday’s high at 4,318 will need to be exceeded. Below the September low at 4,239 lies the major 4,214 to 4,187 support area which consists of the early and late May highs and the 200-day simple moving average (SMA). Source: ProRealTime -
Gold and natural gas rise while oil prices hold steady Gold and natural gas prices have edged higher while oil is in a holding pattern after yesterday’s drop. Source: Bloomberg Chris Beauchamp | Chief Market Analyst, London | Publication date: Friday 29 September 2023 11:51 Gold edges higher Gold has managed to rally in early trading, reversing some of yesterday’s losses. However, the overall bearish move is still in place, with the 50-day simple moving average (SMA) now below the 200-day. This negative outlook will be maintained unless the price can stage a bigger move back above $1930. Further declines target the $18087 level last tested in February and March. Source: ProRealTime Brent steady after losses The price faltered yesterday, though for the moment more selling has yet to materialise. Further declines head towards $90, and then to the rising 50-day SMA (currently $87.63). If the price can hold above $92 then a fresh move higher may develop. This then targets the highs of October and November last year at $97.50 and $98.47. Source: ProRealTime Natural Gas moves higher The price continues to climb, though gains above 3000 are still proving hard to sustain. Additional gains now target the 3050 level, while above this a higher high will be created. A close back below 2800 is needed to suggest a fresh move lower is at hand. Source: ProRealTime
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Asian stocks took their cue from a recovery on Wall Street ignited by a decline in oil prices and a pause in the surge in bond yields. A US Senate bill to avert a government shutdown passed its first hurdle as expected, though time is running out to solve the issue before funding runs out on Sunday. Today sees a swathe of inflation figures, culminating in the PCE index in the US. The final day of Q3 trading might see some further upside in stocks after yesterday's recovery, though the problems of higher yields and oil prices will not have gone away.
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