The last session of the week, which also closed the month of September, ended with the plus sign for the European stock exchanges.
The London one was more cautious than the others, which saw the Ftse 100 settle for a slight increase of 0.18%, while the Dax and the Cac40 rose by 1.16% and 1.51%.
Ftse Mib up before the weekend. The weekly budget was negative
Piazza Affari also did well, where the Ftse Mib ended trading at 20,648 points, with a progress of 1.45%, after reaching a maximum of 20,692 and a minimum of 20,415 points in the intraday.
However, the bullish momentum recorded before the weekend did not avoid a weekly balance with a minus sign, given that the blue chip index in the last five sessions has lost 1.98% compared to the close of the previous Friday.
Ftse Mib: updated the lows of the year
The Ftse Mib in the first two sessions of the last eighth attempted a recovery towards the area of 21,500, and then retreated below 21,000 points.
The index thus continued to decline, reaching the previous lows of the year reached in July in the area of 20,400, with a new bottom just below 20,200 points.
From this level there was a recovery towards 20,650 / 20,700 points at the end of the week.
Ftse Mib: technical picture worsened. New drops in sight?
The Ftse Mib has accused a clear worsening of the technical situation and the rebound it gave life to before the weekend is in no way sufficient to protect from the risk of new drops.
Confirmations in this sense will arrive immediately in the event of returns below the July lows in the 20,400 area, a prelude to a test of the new bottom at 20,200 points.
The possible abandonment of this level will open the door to a much more marked decline that will hardly be held back by the 20,000 area.
The first most credible downward projection is in the 19,500 area, at which the Ftse Mib will have to react, on pain of a continuation of the decline towards 19,000 and 18,500 points.
Ftse Mib: credible recovery only above 21,000 points
A first more convincing sign of recovery will only come with a return of the courses above 20,950 / 21,000 points, to attack the resistance of 21,500 points.
Beyond this level, the Ftse Mib will be able to start at a faster pace towards 22,000 / 22,200 points, before hypothesizing deeper extensions towards the 23,000 area.
US macro data
For the first session of next week, on the US macro front, the final data of the manufacturing PMI index should be noted, which in September should drop to 51.8 points, while the ISM manufacturing index in September is expected unchanged at 52.8 points.
Construction spending in August is expected to decline by 0.3% after the previous decline of 0.4%.
Macro updates and events in Europe
In Europe, the final figure of the PMI manufacturing index for September is expected, which should reach 48.5 points.
In Germany the PMi manufacturing index is seen at 48.3 points and in France at 47.8 points, while the same figure in Italy should drop from 48 to 47.5 points.
At the start of the week, a meeting of the Eurogroup which will also be attended by Christine Lagarde, president of the ECB, should be noted.
The titles to follow at Piazza Affari
At Piazza Affari, the ex-dividend of Elica’s dividend of 0.06 euros per share is on the agenda.
Under the Stellantis lens, waiting for the data on car sales in Italy with reference to the month of September.