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The weekly market brief

๐Ÿ’ก15 - 19 Marzo 2021

๐Ÿ“ˆ FTSE 100: 6,708.71 ( -0.81%)

๐Ÿ“ˆ FTSEMIB: 24,199.42 ( -0.44%)

๐Ÿ“ˆ DAX: 14,621.00 ( +0.89%)

๐Ÿ“ˆ S&P 500: 3,913.10 ( -0.88%)

๐Ÿ“ˆ Nasdaq 100: 15,562.26 ( -1.04%)

๐Ÿ“ˆ Dow Jones: 32,627.97 ( -0.89%)

The percentage increases are on a weekly basis


FTSE 100 (#UKX)

The #UKX had a negative week down -0.81% where it tested almost all the time the 6,800 level to then drift to the downside on the last day.

From a technical perspective the index is now at a crucial level, in Friday it managed to touch the uptrend line and recover 50 points from there.

The MACD is curving to the downside together with a RSI that has room to drift lower

For the week ahead, if both MACD and RSI will be supported by the #UKX closing below current support, we might see a continuation till at least 6,600.

We esclude, for the moment, a break of current resistance and a continuation to the upside


Support at 6,662 and resistance at 6,801


FTSEMIB (#FTSEMIB)

The #FTSEMIB lost a bit of ground down -0.44% during the week despite a volatile week.


From a technical perspective, the Index is placing a series of indecision candle which make the overall scenario fragile and subject to drawdowns in the near future: 2 dojis together with a reversal look type of candle of Friday may suggest the #FTSEMIB might take a break from current uptrend.

The MACD, above 0, is signalling a potential reversal together with a RSI that is showing strong divergence with the price.


For the week ahead, thanks to fibonacci extension metrics we have identified a potential resistance area even if we are in favour of a retest of current support and test the 24,000 as a beginning.


Support at 24,122 and resistance at 24,507


DAX (#DAX)

The #DAX had a positive week closing up + 0.89% despite a very volatile last trading day, holding at the 9MA


From a technical perspective, the Index retraced from all time high with very strong bearish volumes on friday: in addition, the RSI is showing a strong divergence with the price and the MACD is signalling a loss of momentum.


For the coming week, we might see a move to the downside, given also the distance from the 50MA, and test the current support level.


Support at 14,414 and resistance at 14,801


S&P 500 (#SPX)

The #SPX had a negative week down - 0.88% after reaching another all time market high


From a technical perspective, the Index during the week tested current resistance level to then drift lower at the lower end of the upward channel.

The candle that finished the week is a doji one therefore we need to look at the indicator to have a better picture: the MACD is curving down together with an RSI that, after the divergence, is has room to keep going lower.

In addition, we noticed a spike in bearish volumes on Friday which could signal a change of sentiment in the market


For the week ahead, we might have few upside however the overall direction we believe to be to downside with a test of current support level and 50MA.


Support at 3,872 and resistance at 3,963


NASDAQ (#NDX)

The #NDX had a negative week down - 1.04% where got rejected by 50MA and it is now, again, below the 9MA.