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Technical Outlook: S&P 500, DAX, FTSE MIB

Technical Outlook: S&P 500, DAX, FTSE MIB

2019-02-10 09:00:00
Justin McQueen, Analyst
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Equity Analysis and News

  • S&P 500 | Descending Trendline Eyed
  • DAX | Psychological 11000 Level Broken
  • FTSE MIB | Déjà vu as Resistance Remains Firm

Looking for a fundamental perspective on Equities? Check out the Weekly Equities Fundamental Forecast.

S&P 500 | Descending Trendline Eyed

Limited follow through above 2700, as such, downside resumes, eyes now on the descending trendline which now offers support, 2675 remains key. However, a break below could see selling exacerbated which in turn could see the 50% Fibonacci retracement at 2630 tested.

S&P 500 Price Chart: Daily Time Frame (Aug 2018 – Feb 2019)

S&P 500

DAX | Psychological 11000 Level Broken

Backend of last week saw a strong bout of selling with the DAX breaking through the psychological 11000 level. RSI on the daily timeframe shows a negative divergence, which has now broken support, consequently increasing the negative view on the index. Trendline holding for now, however, firm break places 10500 under threat.

DAX Price Chart: Daily Time Frame (Jun 2018 – Feb 2019)

DAX

FTSE MIB | Déjà vu as Resistance Remains Firm

Despite the slight recovery in the FTSE MIB throughout much of the week, topside resistance had held firm yet again with limited follow through above the psychological 20,000 level. As previously mentioned, the daily RSI continues to show us a negative divergence and with the RSI breaking support, there is greater scope for losses to persist. Support is situated at 19270 (Jan 23rd low), whereby a clear break risks a test of the 19000 level.

FTSE MIB Price Chart: Daily Time Frame (Sep 2018 – Feb 2019)

FTSE

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--- Written by Justin McQueen, Market Analyst

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Other Weekly Technical Forecast:

Australian Dollar Forecast – Australian Dollar Strength Falls Apart, Can AUD/CAD Breakout Last?

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Euro Forecast – Euro to Bounce off Support Next

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