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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


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


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


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

From a technical perspective, the Index is now in bearish context which is also confirmed by a MACD below 0.

The current support seems to hold the index and we might expect an upside for the near future.

For the coming week, we believe the #NDX has potential to test the 50MA at 13,200 before considering moves in either direction.

A break of current support would set our target to 12,255

Support at 12,758 and resistance at 13,283


The #DJI had a negative week down -0.89% and as highlighted last week, every time the index touches the upper end of the channel tends to drift lower.

From a technical perspective, the overall scenario is bullish but with high chances to downside at present. The reversal candle of Thursday might confirm a short term breath to the downside, together with a MACD that is crossing over and the RSI that is leaving overbought territory.

For the coming week we are in favour of downside moves till perhaps intermediate level of 32,400 before either continue lower or reverse to the upside.

Support at 32,000 and resistance at 32,778

OTB Global Investments

London, 21 March 2021

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