Index | Current level | Expectation | S1 | R1 | S2 | R2 |
​FTSE100 | 7.095 | Bullish | 6.980 | 7.165 | 6.856 | 7.220 |
FTSEMIB | 26.051 | Bullish | 25.554 | 26.184 | 24.930 | 26.750 |
DAX 40 | 15.206 | Bullish | 15.135 | 15.306 | 14.967 | 15.736 |
S&P 500 | 4.391 | Consolidation | 4.390 | 4.468 | 4.286 | 4.545 |
NASDAQ 100 | 14.820 | Consolidation | 14.775 | 15.152 | 14.552 | 15.702 |
DOW JONES | 34.326 | Consolidation | 34.261 | 35.096 | 33.600 | 35.455 |
S: Support R: Resistance
FTSE 100 (#UKX)
The FTSE 100 ended the week up + 1.31%
For the week we expect a bullish continuation to 7,165
Indicators
A volatile week for the FTSE which, after testing the support few times, managed to break the intermediate resistance at 7.075 on Friday and close on the 50MA.
MACD is getting closer and closer to the 0 line: exceeding it would confirm the positive momentum of the index.
RSI has held up well at 44 support and may soon support bullish swings.
Combining the recent break of the intermediate resistance at the MACD and RSI indicators, we believe the FTSE may soon hit the 7,165 level.
A slight backtest to 7,050, the 9MA level, could offer additional entry points to benefit from the bullish push.
Support for 6.980
Resistance at 7,165
FTSEMIB (#FTSEMIB)
The FTSEMIB had a week up by + 2.10%
For the week we could see a bullish continuation to 26.184.
Indicators
The index, after bouncing off the trendline, managed to close the week above the 50MA.
MACD has reversed to the upside and is due to crossing the 0 line: this would confirm the change in momentum in the FTSEMIB.
RSI is respecting a bullish formation: in fact, after breaking the trend line on September 22, this was re-tested on September 28 and October 4 and then reversed to the upside.
Combining the price moves with the MACD and RSI indicators, we believe that the index can continue to rise.
The price also seems to want to form an ascending triangle with resistance at 26.184: the index could test the 25.800 level again and then break the resistance to the upside.
In both scenarios, we remain bullish on the FTSEMIB
Support at 25,554
Resistance at 26.184
DAX (#DAX)
The DAX ended the week up + 1.06%
For the week ahead, we expect a bullish continuation to 15,500
Indicators
The recovery of the DAX is certainly slower than the other European markets and we believe that this week we could see strong bullish moves.
MACD is about to cross to the upside together with an RSI that is showing a strong divergence with the price: the new low recorded on 6 October did not occur on the indicator. In our view, this will soon lead to bullish swings.
Our target remains the intermediate resistance at 15,500
Support for 15.135
Resistance at 15,306
S&P500 (#SPX)
The S&P 500 had a week up by + 0.92%
For the coming week, the index could consolidate between 4,390 and 4,430.
Indicators