FTSE MIB: A Heated Monday on the Horizon as Resistance Levels and Wall Street Call the Shots
And we're off again. After a weekend spent mulling over Friday's closes, Monday is shaping up to be an uphill battle for the FTSE MIB. Futures speak clearly this morning: 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 be on top of the levels, square meter by square meter.
Last Thursday, some had dared to hope for a recovery. Banks were holding up, energy was lending a hand, and it seemed like Milan's stock exchange might decouple from the European chorus. Then, during the American night, the hammer dropped. U.S. macro data came in hotter than expected, and the Fed hawks started squawking again. The result? U.S. markets closed in the red, and the future on our index had to price it all in at once. My phone was ringing by 7:30 AM: "What's the play?" We watch the levels, wait for the first quarter-hour, and then decide.
Levels to Watch on the Future Today
When discussing the FTSE MIB future, precision is paramount. In the coming hours, all eyes will be on two price ranges that were key in previous sessions:
- Support: 34,000 points (first line of defense), then 33,800 points (critical zone; if broken, it opens the door to a test of February's lows).
- Resistance: 34,500 points (the hurdle to clear for any real recovery), 34,700 points (where significant sellers emerged 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 quarter-hour will be decisive.
Wall Street's Weight (and the Data Ahead)
You can't talk about the FTSE MIB without looking at the States. On Friday, U.S. markets closed in the red, erasing the week's gains and casting a long shadow over European futures. Comments from Fed officials, still concerned about services inflation, have reignited the debate on rates. For Milan's stock exchange, 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 U.S. employment data and the ISM manufacturing index, two ticking time bombs ready to go off just as our index searches for direction.
Three Moves to Watch Today
Beyond the numbers, however, the stories matter. Here are three situations I'm personally tracking on the trading floor:
- The Bank Bounce: Unicredit and Intesa are the real thermometer. They tried to warm up on Thursday, then faltered on Friday. If they hold recent lows today, the basket holds. If they break them, the FTSE MIB slips with them.
- Energy's Defense: Eni closed the week with interesting order flow. Crude is slightly up, and there's chatter of possible dividend-driven buying. One to watch.
- Industrial Moves: Stellantis and Pirelli are coming off heavy sessions. If selling hits the automotive sector, the whole list will feel the cascading effect. A contact of mine on the trading desk mentioned that someone was already lightening positions on Friday afternoon.
My View for the Next Few Hours
I believe it will all be decided in the first ninety minutes today. If the FTSE MIB future holds support at 34,000, we could see a technical bounce attempt, maybe weak, but at least enough to avoid a collapse. If, however, 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 is not 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 context, having access to real-time analysis tools and targeted advisory support makes the difference between riding the wave and getting wiped out. Those who follow the FTSE MIB consistently know this: patience and preparation pay off more than speed.