The Ibex 35 has peaked in the short term. The 11,436 points of the Spanish index appeared this week as the level from which a phase of selective correction could have begun, which is purging part of the increase accumulated in recent weeks.
Especially because it was in this area that the series of twenty consecutive sessions in which the Ibex 35 managed to close above the lows of the previous session was broken.
“This warns us against a buyer exhaustion” says Joan Cabrero, technical analyst and strategist at eco-retailerwhich highlights that the first important support to watch is located in the 11,000 points. “In this area, the ibex would have adjusted the increase of 38.20% which made it go from 10,298 points since the beginning of August at 11,441 points.
“By losing 11,000 points, the information that the market would give us is that the consolidation could be broader and deeper, and could go towards the 10,690-10,740 pointswhere it would be an opportunity to buy,” confirms the expert while emphasizing that this range and buying zone is 4.5% from the closing levels of this Wednesday.
In the case of the EuroStoxx 50, if we choose to correct the 38.20% rebound accumulated since the 4,474 points, This would mean witnessing a decline in 4,790 pointswith intermediate support at 4,868 points, Cabrero explains.
“If it falls below these 4,790 points, it is not excluded that the decline could reach the 4,670-4,650 pointswhere he would be in favor of buying the European stock market. This range and this purchase zone are at 5%.”
Investors and analysts remain more focused on a possible excessive cooling of the labor market than on the evolution of inflation. The employment data published this Friday in the United States will therefore be essential for the future of the markets and will be scrutinized with a critical eye. magnifying glass to elucidate in which direction the stock markets can go.
“The markets therefore enter, in a new phase where the strength of economic activity and, in particular, of employment, will be essential“, underlines Clément Inbona, fund manager at La Financière de l’Echiquier (LFDE).
