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The weekly market brief

๐Ÿ’ก12 - 16 April 2021

๐Ÿ“ˆ FTSE 100: 7,019.53 ( +1.79%)

๐Ÿ“ˆ FTSEMIB: 24,744.38 ( +1.67%)

๐Ÿ“ˆ DAX: 15,459.75 ( +1.56%)

๐Ÿ“ˆ S&P 500: 4,185.47 ( +1.46%)

๐Ÿ“ˆ Nasdaq 100: 14,041.91 ( +1.75%)

๐Ÿ“ˆ Dow Jones: 34,200.67 ( +1.28%)

The percentage increases are on a weekly basis

FTSE 100 (#UKX)

The #UKX had a strong week up +1.79% where it managed to close above the 7,000 mark for the first time since beginning of pandemic.

From a technical perspective we are getting far from the 50MA as well as the 9MA: this type of setup has often led to short term corrections to the downside.

The RSI is currently pointing toward overbought territory, leading us to think that thereโ€™s better risk/reward ratio to the downside rather than upside. On the contrary, the MACD is showing a strong momentum which could lead to further upsides.

For the week ahead, we believe #UKX, like major other indexes, is quite overextended to the upside: on a medium time frame we believe there will be a re-test of 6,800. However, for the near future we will target 6,949.

Support at 6,949 and resistance at 7,035


The #FTSEMIB had a good week up +1.67% where it almost moved sideways and pusher higher on the last trading day.

From a technical perspective, the sideways move may had given strength to the index as a close above the 9MA could lead to further upside.

The RSI stays at a high reading while the MACD seems reserving to the upside.

For the week ahead, we are in favour to a further push at least till 23,950 however a close below 24,500 could lead to a re-test of support level.

Support at 23,975 and resistance at 24,949


The #DAX had almost a flat week despite a strong move to the upside on Friday that resulted to end at +1.56% over the last trading days.

At present it is difficult to understand if such a move is a sign of exhaustion or further fuel to the upside.

From a technical perspective, the MACD is signalling a potential loss of momentum and the RSI is well overbought leading us to believe that moves to the downside are on the horizon.

For the week ahead, we might see a retrace till the 9MA as well a test of support level.

Support at 15,137 and resistance at 15,587

S&P 500 (#SPX)

The #SPX had a strong week up +2.71% reaching another all time market high where it managed to close above the current upward channel.

From a technical perspective, the RSI is in overbought territory together with a MACD that is pointing strongly to the upside but with a slight loss of momentum.

We believe that the current break of the channel will soon be reversed by moves to the downside perhaps with an initial test of current support.

For the coming week, considering also the strong distance from the 9MA we might see a downward move till at least 4,156.

Support at 4,156 and resistance at 4,190


The #DJI had a positive week up +1.28% almost tracking the moves of the #SPX and close above the current upward channel.

From a technical perspective, the RSI has reached the overbought territory and the MACD didnโ€™t move much during this positive week: the combination of these two indicators make us believe that a correction to the downside is on the table.

For the coming week, we expect the #DJI to target at least the 9MA at 33,790.

Support at 33,237 and resistance at 34,264


The #NDX had another strong week up +1.75% reaching a new all time high.

Considering the almost vertical moves of the last weeks, we believe we might see slight pullbacks going into the coming days.

From a technical perspective, the momentum is definitely to the upside however the MACD is showing that it may take a break and test lower levels. In addition, the RSI is high and showing a light divergence with the price.

For the coming week, considering the possible evening star pattern we might see a test of current support. A break of support level, would put the next target at 13,540.

Support at 13,880 and resistance at 14,047.

OTB Global Investments

18 April 2021

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