The Cac40 and the Ftse100 fell 0.02% and 0.37% respectively, while the Dax stopped just above parity with a fractional rise of 0.07%.
Ftse Mib protagonist in Europe before the weekend
Positive also Piazza Affari which was the best in Europe yesterday, with the Ftse Mib stopping at 17,316 points, up 1.34%, after hitting a maximum at intraday at 17,385 and a minimum at 16,820 points.
The weekly balance was also positive given that in the last five sessions the blue chips index rose by 2.75% compared to the close of the previous Friday.
The Ftse Mib at the start of the week immediately put the turbo up, going just beyond the 17.400 area, and then attempting an extension up to 17.600.
From this threshold there was an extension that pushed the index down to just under 16,700 points, with subsequent recovery at 17,300 points before the weekend.
Ftse Mib still on the side: next an exit from the range?
Compared to the previous octave, the scenario in Piazza Affari did not undergo any noteworthy changes, with the Ftse Mib remaining within the same price range, roughly delimited by an area of 16.500 on the downside and 17.600 / 17.700 points on the upside .
The continuation of the lateral phase indicates an underlying indecision of the market regarding the direction to take, but it also signals the expectation of some trigger that could favor the start of a directional movement of the index in one direction or the other .
It is not easy to predict whether the exit from the lateral phase will take place upwards or downwards, given that the market has given recent contracting signals and this makes it difficult to formulate one hypothesis that has more credibility than another.
The only thing we can say with a good margin of safety is that when the “cap” of trading jumps, whether this happens up or down, there will be a decisive and significant directional movement.
Ftse Mib: the levels to be monitored upwards and downwards
As said before, since we cannot predict which direction the Ftse Mib will move in, we can limit ourselves to pointing out some key levels to be taken as a reference, so that we can immediately set up operations at the breakdown to determine price thresholds.
The index over the past two weeks has continued to gravitate around the 17,000 point area which acts as a magnet at this stage.
Below 17,000 and with confirmations over 16,800 points, there will be an area test of 16,500, after which the Ftse Mib will find another intermediate support at 16,300 points, before a landing on the psychological threshold of 16,000 points.
The yield of the latter will open the doors to a continuation of the fall towards the area of 15,500 first and then in the direction of the 15,000 points, after which we should see a recovery in purchases.
On the upside, with the holding of 17,000 points and the simultaneous passing of 17,000 / 17,700 points, an 18,000 area test will be easy, beyond which the Ftse Mib will put pressure on the highs of the end of April at 18,300 points.
The violation of this obstacle will open the doors to a rise towards 19.000 points, with successive projections at 19.500 and 20.000 points.
Wall Street and London square closed on Mondays
For the first session of next week, Wall Street is closed for the Memorial Day holiday.
Macro data in Europe
In Europe, on the other hand, the London Stock Exchange will be absent from trade and will not open its doors for the spring feta.
On the front, we will look to Germany where the data relating to the first quarter GDP will be released, which should show a 2.2% drop after reading on the parity of the last three months of 2019.
Also in Germany, the IFO index should be noted, which should rise from 74.3 to 78.8 points in May.
The auction of government bonds with a maturity of 5 and 11 months for a maximum amount of € 4 billion is to be followed.
The titles to follow in Piazza Affari
In Piazza Affari, the detachment of the dividend of three securities, to be paid on May 27, is reported and these are: Enav (€ 0.2049); Piteco (0.15 euros) and SOL (0.175 euros).
To follow Zucchi who will present the accounts for the first quarter of this year, while Acotel Group will raise the veil on the data for 2019, together with Agatos, Cover50, SG Company and Visibilia Editore.
Noteworthy are the shareholders’ meetings of ASTM and Esprinet for the approval of the 2019 financial statements and the go-ahead for the buy-back plan.