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The weekly market brief

๐Ÿ’ก19 - 23 April 2021

๐Ÿ“ˆ FTSE 100: 6,938.56 (-1.20%)

๐Ÿ“ˆ FTSEMIB: 24,386.09 ( -1.58%)

๐Ÿ“ˆ DAX: 15,279.62 ( -1.43%)

๐Ÿ“ˆ S&P 500: 4,180.17 ( +0.04%)

๐Ÿ“ˆ Nasdaq 100: 13,941.44 ( -0.57%)

๐Ÿ“ˆ Dow Jones: 34,043.39 ( -0.09%)

The percentage increases are on a weekly basis


FTSE 100 (#UKX)

The #UKX had a negative week down -1.20% retracing from the 7,000 level holding now at the 9MA.


From a technical perspective, the strong bearish candle stopped at 6,850 confirms this area as intermediate resistance. The Index is now just below the 9MA which may lead to further downside.

The MACD is curving down and the RSI is leaving the overbought territory: the overall scenario remains bullish, however we believe the #UKX will first reconcile with the 50MA before heading further north.


For the week ahead, we still believe the Index has room to fall, however given the doji candle of Friday we will follow major levels to give us a good idea of where the #UKX might be heading next: a break of current resistance, followed by a close above the 9MA, may confirm a further push to the upside.

On the other side, a break of 6,850 level would make us target 6,800 as possible reversal point.


Support at 6,800 and resistance at 6,950


FTSEMIB (#FTSEMIB)

The #FTSEMIB had a negative week down -1.58% where it managed to touch and bounce back from the support level, currently at the 50MA.


From a technical perspective, the retest of the 50MA can be seen as healthy sign of a further push to the upside. The Index is currently at the intermediate resistance just below 9MA, a close above would confirm a further push to the upside to 24,800.

In the event the #FTSEMIB would get rejected by 9MA, we will target once again the 50MA.


Support at 23,975 and resistance at 23,949.


DAX (#DAX)

The #DAX had a negative week down -1.43% retracing from market high and is not currently at the 9MA.

From a technical perspective, following the history of the chart the Index should first reconcile with the 50MA before moving further north.

We believe this is still the case, which is re-enforced by a crossed over MACD and a RSI that has left the overbought territory and still has room to fall.

Before further upside move, we would prefer a re-test of the 14,801 level


Support at 15,137 and resistance at 15,587


S&P500 (#SPX)

The #SPX had almost a flat week up +0.04% where it moved around the 9MA throughout the last trading days.


From a technical perspective, we have once again tested the upper end of the channel and we believe, before keep moving higher, the Index will have to re-test the 50MA which also coincides with the lower end of the channel.

The MACD is slowly curving down and the RSI is actually showing a small divergence with the price.


For the week ahead, we are in favour of a break of current support.


Support at 4,129 and resistance at 4,190


NASDAQ 100 (#NDX)

The #NDX had a negative week down -0.57% staying now at the 9MA: on bigger time frame, the Index is now brushing the upper end of the horizontal channel that has been taking place since February 2021.


From a technical perspective, the MACD is signalling a strong loss of momentum and it is setup for an imminent crossover. The RSI has left the overbought territory and it has now further room to go down.


For the coming we keep the same level has the still remain in place


Support at 13,880 and resistance at 14,047


DOW JONES (#DJI)

The #DJI had almost a flat week being down -0.09% where it keep floating at market high: the picture is clearer on weekly basis where it is evident the loss of momentum.


From a technical perspective, the MACD has already crossed over which could be an early signal for further moves to the downside.

The RSI has left overbought territory and in our opinion has still room to fall further.

Based on the history of the chart this has often led to a retest of 50MA.


For the week ahead, we keep the same level of support and resistance and we are more in favour of a close below 9MA and test of support level.


Support at 33,237 and resistance 34,261


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