Morning Report May 2, 2024

NASDAQ (Price May 1, 2024: 15605)

Buy

NASDAQ 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 support at points 14300 and resistance at points 16400. 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 positive for the medium long term.
Extended analysis

AMEX Composite (Price May 1, 2024: 4751.90)

Buy

Investors have paid higher prices over time to buy AMEX Composite and the index 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 broken a support level in the short term and given a negative signal for the short term trading range. The index is approaching support at 4700 points, which may give a positive reaction. However, a break downwards through 4700 points will be a negative signal. The index is overall assessed as technically positive for the medium long term.
Extended analysis

Toronto (Price May 1, 2024: 21729)

Watch

Toronto 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 20660 and resistance at points 22350. Negative volume balance indicates that volume is high on days with falling prices and low on days with rising prices, which weakens the index. The index is overall assessed as technically neutral for the medium long term.
Extended analysis

Hong Kong - Hang Seng (Price May 1, 2024: 18194)

Watch

Hong Kong - Hang Seng 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 price has risen strongly since the positive signal from the rectangle formation at the break through resistance at 17149. The objective at 18126 is now met, but the formation still gives a signal in the same direction. The index has support at points 17000 and resistance at points 19000. The index is overall assessed as technically neutral for the medium long term.
Extended analysis

Singapore - Straits Times (Price May 1, 2024: 3288.58)

Watch

Investors have accepted lower prices over time to get out of Singapore - Straits Times and the index is in a falling trend channel in the medium long term. Falling trends indicate that the market experiences negative development and falling buy interest among investors. 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 support at points 3240 and resistance at points 3320. RSI diverges negatively against the price, which indicates danger of a reaction downwards. The index is overall assessed as technically neutral for the medium long term.
Extended analysis

Shanghai Composite (Price May 1, 2024: 3104.82)

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 has broken a resistance level in the short term and given a positive signal for the short-term trading range. The index is between support at points 3070 and resistance at points 3150. A definitive break through of one of these levels predicts the new direction. The index is overall assessed as technically neutral for the medium long term.
Extended analysis

NYSE Composite (Price May 1, 2024: 17576)

Watch

NYSE Composite 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 16450 and resistance at points 18300. 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