He Ibex 35 faces the weekly closure it faces today with the homework doneafter having managed to fix yesterday a new increasing and annual maximum within its impeccable upward trend and to move away from the old resistance, now support, which represents the maximums that stopped the increases last June in the 11,465 points.
“For there to be a sign of bullish deterioration, the minimum requirement is that the Ibex 35 lose support 11,465 and especially the 11,140 points“explains Joan Cabrero, technical analyst and strategist of eco-retailer which specifies that in the short term, contrary to what has happened up to now, the Ibex 35 is no longer alone.
The Ibex Medium Cap managed to break its downward trend and its first resistance which stood at 14,470 points, which “opens the door for the Spanish Ibex medium cap to attack in the near future the high zone of the year that it marked in June”. 15,200 points. In the meantime, there is still a margin of increase of 4%”.
In Europe, the EuroStoxx 50 is located one step away from the triple resistance zone found in the 4,985/5,000 points. “This is the 78.60% Fibonacci recovery level of the entire last decline from the year’s highs in the 5,121 pointsthe tangency with the downward trend that arises from the combination of the decreasing highs of the last months and an important psychological resistance,” explains Cabrero.
In the words of the technical analyst, its improvement would give “credibility” to the rebound of the European index that was in question due to its evolution, because it left open the possibility that after this rebound there would be another decline, “even if it is already a sign of strength that has managed to close the bearish gap opened since the 4,910 points” said the technical expert.
Nasdaq 100 attacks resistance at 20,000
In the United States, the main Wall Street indices are digesting the Fed’s decision with advances that bring them closer to historical levels: the S&P 500 has in fact established new highs in its entire history and the Nasdaq 100 is approaching them at 4%.
With Thursday’s increases, its annual revaluation once again exceeds 18%. And with these new increases and as the market expects the Fed’s rate-cutting environment to continue this year, analysts’ bets are flattering for the technology index in the coming months.
Of course, “as long as the Nasdaq 100 fails to break through at least the intermediate resistance of 20,000 points, which stopped the last rebound, it seems premature to talk about absolute strength on Wall Street,” warns the technical expert.
