Next week – Start of Q2.

Monday starts the new quarter, most stock indices erased the fall due to the tension in the banking sector. The last day of the month and quarter is associated with a lot of rebalancing, options closing and accounting, which is a prerequisite for some additional push in quotes, which also creates the potential for a slight correction to develop.

However, the US indices are still in strong acceleration and it is possible that the statistics will not be correct this time, especially for the Nasdaq – for the moment with the best performance. A correction there seems least likely and a potential initial target is the resistance zone 13600-13800. Sequential is on a new upward count and DeMarker is deeply oversold (87.6) – a sign of momentum strength.

For the broad index – SP500, a potential correction at the beginning of next week seems more likely, the index is close to local resistance and today’s volumes remain relatively lower than average, which does not confirm an immediate continuation of the up trend. The indicators here are also in an upward cycle. An eventual healthy correction in the 4040 – 4080 area seems the most likely scenario.

The week will start with PMI for Germany (10:55), EU (11:00), U.K. (11.30) and US (17:00). The forecasts are that the data for the old continent and the island will remain unchanged compared to the previous month, and in the US there will be a minimal decline.

Better-than-expected data is likely to add strength to the bullish momentum. The futures of the German DAX continued the uptrend even after the market closed. The previous resistance is now a support level (15450 – 15550). The area around the psychological 16000 is the next upward target, and it is very likely that April will follow a test of the historical peak.

In general, the new month has a strong demand for positive development of the stock exchanges.

 Dealer Radoslav Valov

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