FTSE MIB, a Heated Monday: Resistance Levels and Wall Street Set the Tone
Here we go again. After a weekend spent mulling over Friday's closes, Monday is shaping up to be an uphill battle for the FTSE MIB. Futures this morning are crystal clear: Wall Street's mood has cooled, and the Milan list, as usual, is the first to feel the sting. The March 2 session won't be one where you can just sit back and watch. You need to stick to the levels, square metre by square metre.
Last Thursday, some were daring to hope for a recovery. The banks were holding up, energy was lending a hand, and it seemed like Piazza Affari might break away from the European pack. Then, overnight in the US, the hammer dropped. US macro data came in hotter than expected, and the Fed hawks started squawking again. The result? US markets closed in the red, and the futures on our index had to price it all in at once. My phone was ringing by 7:30 AM: "What's the play?" You watch the levels, wait for the first fifteen minutes, and then decide.
Levels to Watch on the Future Today
When it comes to the FTSE MIB future, you can never be too precise. In the coming hours, all eyes will be on two price ranges that were key in previous sessions:
- Support levels: 34,000 points (first shield), then 33,800 points (critical zone, a breach here would open the door to testing February's lows).
- Resistance levels: 34,500 points (a wall to overcome for any real recovery), 34,700 points (where major sellers came in on Thursday).
An opening below 34,100 would likely trigger stop-losses and aggressive short positions, while holding above 34,300 could attract those buyers who stayed on the sidelines Friday. The first fifteen minutes will be decisive.
The Weight of Wall Street (and the Upcoming Data)
You can't talk about the FTSE MIB without looking at the States. On Friday, US markets closed lower, wiping out the week's gains and casting a long shadow over European futures. Comments from Fed officials, still worried about services inflation, have reignited the debate on interest rates. For Piazza Affari, which has been riding for months on expectations of imminent cuts, it's a cold shower. And keep an eye on the calendar: this week brings US employment data and the ISM manufacturing index, two landmines ready to explode just as our index tries to find direction.
Three Moves to Watch Today
Beyond the numbers, though, the stories matter. Here are three situations I'm personally following on the trading floor:
- The bank bounce: Unicredit and Intesa are the real thermometer. Thursday they tried to rev their engines, Friday they faltered. If they hold recent lows today, the basket holds up. If they break through them, the FTSE MIB slips with them.
- The energy sector defence: Eni closed the week with interesting orders. Crude oil is up slightly, and there's chatter about possible dividend-driven buying. One to watch.
- Moves in industrials: Stellantis and Pirelli are coming off heavy sessions. If selling hits the auto sector, the whole list will feel the cascading effect. A contact of mine on the trading floor mentioned that some were already lightening their positions late Friday afternoon.
My View for the Coming Hours
I believe today will all be decided in the first ninety minutes. If the FTSE MIB future holds the 34,000 support, we could see a technical bounce attempt, maybe weak, but at least enough to avoid a crash. If Wall Street continues to transmit pessimism via pre-market trading, get ready for a session in the red with possible extensions towards 33,800. This isn't the time to be a hero: better to wait for the market to pick a side, and only then position yourself cautiously.
In such an uncertain environment, having access to real-time analysis tools and targeted advisory support makes the difference between riding the wave and getting wiped out. Those who consistently follow the FTSE MIB know: patience and preparation pay off more than speed.