Weekly Market Brief: FTSE, DAX, Nasdaq 100, S&P 500 And Dow
NDX
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UK100
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US500
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DJI
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DE30
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FTSE 100
The FTSE 100 index had a week up by + 4.07%. For the coming week we are in favour of a retracement in the area of 7,100-7,200.
Indicators
Very positive week for the British index which brings back the price close to the strong resistance at 7,400.
Daily chart: FTSE 100
We can see that the price ended the week just below the 200-day moving average (blue line) and we don’t believe there is strength and conditions needed to move further up.
MACD and RSI are now very extended to the upside with the latter in overbought territory: looking at previous price action, this extension makes us lean towards a short-term bearish scenario.
In addition, we believe that the exit from the Bollinger Bands is a further element of caution and a sign of a price that is now very extended to the upside and with high downside potential.
We are bearish on the FTSE 100 and await substantial declines before considering long setups.
- Support at 7,000
- Resistance at 7,400
FTSE MIB
The FTSE MIB index had a week up by + 3.34%. For the coming week we are in favour of consolidation in the area of 22,300.
Indicators
A very positive week for the FTSE MIB which brings the Italian index close to the 200-day moving average (blue line) and strong resistance at 23,600.
Daily chart: FTSEMIB
If in the medium to long term this price action is certainly positive, in the short term we believe that now the price is very extended to the upside and that it may need significant reversals before keep proceeding upward.
MACD and RSI are now as well very extended to the upside with the latter in overbought territory (a scenario that has not happened since November 2021).
We are bearish on the FTSEMIB as we believe price swing and internal indicators are now overbought, shifting the weight in favour of pulls back rather than further stretches.
An initial close below the 9-day moving average (red line) could pave the way for short-term downside.
- Support at 21,500
- Resistance at 23,600
DAX 40
The DAX index had a week up by + 1.63%. For the coming week we are in favour of consolidation in the area of 12,800.
Indicators
Positive week for the German index which substantially consolidates the rises of the past few weeks. The price is now close to the 200-day moving average (blue line) and we believe the conditions are not in place to support further rising.
Daily chart: DAX
Despite a positive increase in volumes, MACD and RSI are now very extended to the upside with the latter in the overbought area (and slight negative divergence with the price).
The wide trading range 12,200-13,600 continues to be respected since June 2022 and it is desirable to expect a price retracement.
We are bearish on the DAX and in favor of possible short-term weakness.
- Support at 12,200
- Resistance at 13,600
S&P 500
The S&P 500 index had a week down by -3.35%. For the coming week we are in favour of a possible consolidation in the area of 3,7000.
Indicators
Negative week for the US index which brings back the price close to the narrow September-October’s trading range.
The overall scenario is of strong indecision as we have a consolidating price but internal indicators that are alluding to possible declines: MACD is close to a bearish crossover and the RSI continues to remain below 50.
We remain neutral on the S&P 500 given the uncertain scenario: to see sustainable rises we must first have an alignment between internal indicators and price action.
- Support at 3,550
- Resistance at 3,900
Nasdaq 100
The Nasdaq 100 index had a week down by -5.97%. For the coming week we are in favour of a consolidation in the area of 10,600 — 11,000.
Indicators
Week of significant falls for the Tech index which brings the price back to the lows of September 2022. The 50-day moving average (yellow line) continues to be a strong dynamic resistance that continuously blocks attempts to the upside.
Daily chart: NASDAQ 100
MACD and RSI also describe a negative scenario with the first close to a further bearish crossover. At the same time, the RSI is in a slight positive divergence with the price.
We remain neutral on the NASDAQ 100, the slope of the moving averages and the negativity of the internal indicators suggest further declines. At the same time, the strong downward extension can give rise to quick changes of direction: it is better to wait for a clearer and more linear overall scenario.
- Support at 10,400
- Resistance at 12,000
DOW JONES
The Dow Jones Industrial Average index had a week down by -1.40%. For the coming week we are in favour of a retracement in the area of 31,500.
Indicators
Negative week that substantially consolidates the price after the strong stretches of the past sessions. The price is now close to the 200-day moving average and we do not believe the conditions are in place to continue the most recent hikes.
Daily chart: DOW JONES
MACD and RSI are quite extended to the upside and looking at past swings the risk / reward is now in favour of a possible reversal rather than a further extension.
At the moment we remain neutral / bearish on the DOW JONES and looking for for the price to retrace to more interesting levels: possibly in the area of 31,000 — 30,500.
- Support at 30,170
- Resistance at 33,250
