Morning Report Nov 4, 2024

NASDAQ (Price Nov 1, 2024: 18240)

Weak 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 is approacing resistance at 18700 points, which may give a negative reaction. However, a break upwards through 18700 points will be a positive signal. The index is assessed as technically slightly positive for the medium long term.
Extended analysis

Hong Kong - Hang Seng (Price Nov 1, 2024: 20506)

Buy

Hong Kong - Hang Seng has broken up from an approximate horizontal trend channel in the medium long term. This signals a continued strong development, and the index now meets support on possible reactions down towards the ceiling of the trend channel. The price has risen strongly since the positive signal from the inverse head and shoulders formation at the break through resistance at 17893. The objective at 19719 is now met, but the formation still gives a signal in the same direction. The index has support at points 19600 and resistance at points 23000. Positive volume balance indicates that buyers are aggressive while sellers are passive, and strengthens the index. The index is overall assessed as technically positive for the medium long term.
Extended analysis

Toronto (Price Nov 1, 2024: 24255)

Weak buy

Toronto is in a rising trend channel in the medium long term. Rising trends indicate that the market experiences positive development and that buy interest among investors is increasing. The index has support at points 22500 and resistance at points 24800. The index is assessed as technically slightly positive for the medium long term.
Extended analysis

Nikkei 225 (Price Nov 1, 2024: 38054)

Weak buy

Investors have paid higher prices over time to buy Nikkei 225 and the index is in a rising trend channel in the medium long term. This signals increasing optimism among investors and indicates continued rise. The index has support at points 33500 and resistance at points 40000. Volume has previously been low at price tops and high at price bottoms. This weakens the rising trend and could be an early signal of a coming trend break. Trading volume has increased substantially lately, which may be because of fundamental news. RSI diverges negatively against the price, which indicates danger of a reaction downwards. 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 slightly positive for the medium long term.
Extended analysis

NYSE Composite (Price Nov 1, 2024: 19254)

Weak buy

NYSE Composite shows strong development within a rising trend channel in the medium long term. Rising trends indicate that the market experiences positive development and that buy interest among investors is increasing. The index has support at points 18300 and resistance at points 19900. RSI diverges negatively against the price, which indicates danger of a reaction downwards. The index is overall assessed as technically slightly positive for the medium long term.
Extended analysis

Nifty 50 (Price Nov 1, 2024: 24205)

Watch

Nifty 50 has broken the floor of the rising trend channel in the medium long term, which indicates a weaker initial rising rate. The index has support at points 22000 and resistance at points 25000. Negative volume balance indicates that sellers are aggressive while buyers are passive, and weakens the index. RSI below 30 shows that the momentum of the index is strongly negative in the short term. Investor have steadily reduced the price to sell the index, which indicates increasing pessimism and continued falling prices. However, particularly in big stocks, low RSI may be a sign that the stock is oversold and that there is a chance for a reaction upwards. 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

Sydney (Price Nov 1, 2024: 8379.70)

Watch

Sydney 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. 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 8150 and resistance at points 8620. Trading volume has increased substantially lately, which may be because of fundamental news. The index is overall assessed as technically neutral for the medium long term.
Extended analysis

S&P 200 (Price Nov 1, 2024: 8118.80)

Watch

S&P 200 shows strong development within a rising trend channel in the medium long term. Rising trends indicate that the market experiences positive development and that buy interest among investors is increasing. 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 7900 and resistance at points 8350. Trading volume has increased substantially lately. This shows there is an increased interest for the index, possibly because of fundamental news. The index is overall assessed as technically neutral for the medium long term.
Extended analysis