FTSEMIB – 04 November 2021
As told in the past, FTSEMIB had strong long term resistance at 16700 – 27000. Now this resistance has been broken (last price is 27500).
As told in the past, FTSEMIB had strong long term resistance at 16700 – 27000. Now this resistance has been broken (last price is 27500).
old is trying to start a rally.
Yesterday touched the last intermediate resistance on daily basis at 1795 dollars.
I want to bring to your attention a possible long term sell signal on Sp500 index, based on analysis on monthly chart.
1. GROWTH VALUE SPREAD
This spread is in a potential double top pattern: level of 1,69 is a key level.
2. EUROSTOXX VS NASDAQ INDEX
Very similar pattern we saw on the spread Eurostoxx vs Nasdaq: potential long term double top at 0,99 with key support at 0,94 (last level marked is 0,9596 today).
Major support is now for our model at 4,250 points. Second one at 4,160.
It seems very likely that in coming weeks the market can reach the second support.
If broken, the market will accelerate towards 4,000 points.
SP500 is in downward move in these days: Friday has broken on daily charts a level previously signaled at 4,440; now in pre-market trading futures signal a price on cash of 4,380.
Update on SP500 medium term.
Yesterday the market stopped its fall at 4,390: support for our trading system.
Oil prices ended last week little moved, but are still posting their deepest weekly loss since March as a combination of factors are weighing on barrel prices. Markets are increasingly concerned about a sharp rise in coronavirus cases in the Asian region, which has triggered new lockdowns and could hit recovery of oil demand.
Last week, China’s annual inflation rate published unexpectedly fell to 1.1% in June 2021 from an eight-month high in May. Market expectations hinting at a 1.3% growth were disappointed by data.
Buoyed by higher prices for non-food products, China’s consumer price inflation was likely continued to rise in June. However lower food prices, particularly for pork, may have offset this to some extent. We believe that lower food prices, particularly for pork, may have offset this to some extent. The dynamic in consumption recovery is likely to have supported the prices of non-food components. Rising commodities prices may have contributed to the raising of the prices of consumer goods to an extent.