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Weekly market brief

๐Ÿ’ก8 - 12 Marzo 2021

๐Ÿ“ˆ FTSE 100: 6,761.47 ( +1.43%)

๐Ÿ“ˆ FTSEMIB: 24,113.22 ( +4.15%)

๐Ÿ“ˆ DAX: 14,502.39 ( +3.54%)

๐Ÿ“ˆ S&P 500: 3,943.34 ( +2.74%)

๐Ÿ“ˆ Nasdaq 100: 15, 715.21 ( + 3.06%)

๐Ÿ“ˆ Dow Jones: 32,778.64 ( +3.71%)

The percentage increases are on a weekly basis

FTSE 100 (#UKX)

The #UKX had a positive week closing up +1.43, helped also by a weaker GBP/USD rate.

The index managed to break the downward trendline and it is now pushing towards a strong area of resistance, where it got rejected twice with strong moves to the downside.

From a technical perspective, the #UKX is now making higher lows almost forming an ascending triangle. The MACD is above 0 which signal positive momentum, together with a RSI that is pointing to the upside.

For the week ahead, very important will be the level of 6,800: a break and close above it would eventually confirm a push to the upside. On the contrary, a close below 6,700 may open the way to the downside.

We are cautiously bullish given the series of indecision candles from last week

Support at 6,662 and Resistance at 6,800


The #FTSEMIB had a strong week up +4.15% lead by favourable economic policies and financials.

The Italian index managed to break the downward trend line and resistance level, which now becomes support.

From a technical perspective, by linking the higher highs we can almost for an upward channel with the current candle on the upper side of it. Given the distance from 9MA and 50MA, we believe the #FTSEMIB may retrace slightly before considering further moves.

In addition, the RSI is showing divergence with the price which can be seen as well as bearish signal.

For the week ahead, given also the inverted hammer candle of Friday we are more in favour of moves to the downside with a re-test of 23,700

Support at 23,435 and resistance at 24,218


The German #DAX had, like major European Indexes, a strong week up +3.54% where the ascending triangle brought the index to all time market high before retrace slightly.

From a technical perspective, the ascending triangle confirms now the 14,127 as strong level of support. The MACD that is signalling a loss of momentum is signalling a slight divergence with the price.

In addition, the last two trading days led the #DAX to almost form reversal types of candle leading us to think that an eventual of test of current support is possible.

For the week ahead, given the current setup we are more in favour of moves to the downside given also the distance from 9MA and 50MA.

A retrace to 14,300 is in our opinion probable before considering moves in either direction, however a break below the 9MA could lead to further moves to the downside.

Support at 14,127 and resistance at 14,601

S&P 500 (#SPX)

The #SPX had a positive week up + 2.74% pushed by stimulus approval and encouraging news on reopening.

From a technical perspective, the Index managed to re-enter in the bullish channel and it is now brushing previous resistance level.

The MACD is sloping up however the RSI is showing strong divergence with price which could be an early sign of possible moves to the downside. In addition, the volumes reported in the last trading days do not allign with the strong move to the upside.

Looking at the candle stick formation, despite the hammer candle of Friday, are pretty bearish.

For the week ahead, the key level to watch are 3,963: a break above current resistance would confirm further moves to the upside.

On the contrary, if the #SPX close above 3,900 we are more in favour of a test of current support and eventually proceed lower

Support at 3,872 and resistance at 3,963


The #NDX had a positive week up +3.06% rebounding from the low of last week despite a rise in US 10y.

The Tech Index got rejected on Thursday by the 50MA and it is now forming a promising hammer candle.

From a technical perspective, it is clear the important role played by the 50MA: a break above it would open the way to fresh moves to the upside.

The MACD, still below 0, is gradually sloping up supported also by a rising RSI.

For the week ahead, we are quite keen on a continued move to the upside with a test of current resistance level at 13,283.

On the other side, an eventual close below current support would made us target the 12,255

Support 12,758 and resistance at 13,283


The #DJI had an impressive week up 3.71% reaching a new all time hight, following also what we are saying last week as the current setup was indeed suggesting further moves to the upside.

From a technical perspective, the Index is confirming the upward channel: the MACD is also a clear representation of the strong bullish momentum. However a distance from the 9MA and a strong divergence RSI-Price lead us to think that #DJI may now retrace to 32,000 before considering moves in either directions.

Support at 31,643 and resistance at 32,778

OTB Global Investments

London, 13 March 2021

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