Morning Report Jun 5, 2024

NASDAQ (Price Jun 4, 2024: 16857)

Buy

NASDAQ shows strong development within a rising trend channel in the medium long term. This signals increasing optimism among investors and indicates continued rise. The index has broken up through resistance at points 16500. This predicts a further rise. The short term momentum of the index is strongly positive, with RSI above 70. This indicates increasing optimism among investors and further price increase for NASDAQ. However, particularly for big stocks, high RSI may be a sign that the stock is overbought and that there is a chance of a reaction downwards. The index is overall assessed as technically positive for the medium long term.
Extended analysis

Singapore - Straits Times (Price Jun 4, 2024: 3328.61)

Buy

Singapore - Straits Times is within an approximate horizontal trend channel in the medium long term, which indicates further development in the same direction. The index has given a positive signal from the inverse head and shoulders formation by a break up through the resistance at 3208. Further rise to 3403 or more is signaled. The index has marginally broken up through resistance at points 3324. An established break predicts a further rise. The index is overall assessed as technically positive for the medium long term.
Extended analysis

AMEX Composite (Price Jun 4, 2024: 4978.81)

Buy

AMEX Composite is in a rising trend channel in the medium long term. This signals increasing optimism among investors and indicates continued rise. It also gave positive signal from the rectangle formation at the break up through the resistance at 4862. Further rise to 5822 or more is signaled. The index has broken a resistance level in the short term and given a positive signal for the short-term trading range. There is no resistance in the price chart and further rise is indicated. In case of a negative reaction, the index has support at approximately 4680 points. The RSI curve shows a rising trend, which supports the positive trend. The index is overall assessed as technically positive for the medium long term.
Extended analysis

NYSE Composite (Price Jun 4, 2024: 18007)

Weak sell

NYSE Composite has broken through the floor of a rising trend channel in the medium long term. This indicates a slower rising rate at first, or the start of a more horizontal development. The index is approacing resistance at 18300 points, which may give a negative reaction. However, a break upwards through 18300 points will be a positive signal. Volume tops and volume bottoms correspond badly with tops and bottoms in the price. This weakens the index. The index is overall assessed as technically slightly negative for the medium long term.
Extended analysis

Hong Kong - Hang Seng (Price Jun 4, 2024: 18513)

Sell

Hong Kong - Hang Seng has broken the ceiling of the falling trend in the medium long term, which indicates a slower initial falling rate. The index has met the objective at 19064 after a break of the inverse head and shoulders formation. The price has now fallen, but the formation indicates further rise. The index has broken down through support at points 19000. This predicts a further decline. The index is overall assessed as technically negative for the medium long term.
Extended analysis

Nifty 50 (Price Jun 4, 2024: 21885)

Sell

Nifty 50 is in a rising trend channel in the medium long term. This shows that investors over time have bought the index at higher prices and indicates good development for the market. However, the price has broken a support level and given a negative signal for the long term trading range. The index has marginally broken down through support at points 22000. An established break predicts a further decline. The RSI curve shows a falling trend, which is an early signal of a possible trend reversal downwards for the price as well. The index is overall assessed as technically negative for the medium long term.
Extended analysis

Wellington (Price Jun 4, 2024: 11679)

Watch

Wellington has broken through the floor of a rising trend channel in the medium long term. This indicates a slower rising rate at first, or the start of a more horizontal development. The index gave a negative signal from the head and shoulders formation by the break down through the support at 11824. Further fall to 11480 or lower is signaled. The index has support at points 11550 and resistance at points 11950. The RSI curve shows a falling trend, which could be an early signal of the start of a falling trend for the price as well. The index is overall assessed as technically neutral for the medium long term.
Extended analysis

Shanghai Composite (Price Jun 4, 2024: 3111.02)

Watch

Shanghai Composite has broken through the ceiling of a falling trend channel in the medium long term. This indicates a slower falling rate initially, or the start of a more horizontal development. The index is between support at points 3070 and resistance at points 3160. A definitive break through of one of these levels predicts the new direction. The index is assessed as technically neutral for the medium long term.
Extended analysis

Sydney (Price Jun 4, 2024: 7935.70)

Watch

Sydney has broken the floor of the rising trend channel in the medium long term, which indicates a weaker initial rising rate. The index has broken a support level in the short term and given a negative signal for the short term trading range. The index has support at points 7770 and resistance at points 8150. The index is overall assessed as technically neutral for the medium long term.
Extended analysis

S&P 200 (Price Jun 4, 2024: 7665.60)

Watch

S&P 200 has broken the floor of the rising trend channel in the medium long term, which indicates a weaker initial rising rate. The index has broken a support level in the short term and given a negative signal for the short term trading range. The index has support at points 7550 and resistance at points 7900. The index is overall assessed as technically neutral for the medium long term.
Extended analysis