The rebound in stock markets on both sides of the Atlantic is gaining consistency as they add up followers to the cause of bullfighting.
There are increasingly selective ones that follow the trail of indices such as the Ibex 35 and the S&P 500, which have already managed to reach their maximum zone of the year last week. The ibex of small companies is one of them in Spain. It is trading close to the short-term resistance that it presents in the 8,335 points.
“If he can beat him,” says Joan Cabrero, a technical analyst and strategist at eco-retailer“This would confirm a small bullish reversal trend from the tangent zone with the bullish guideline that comes from the junction of the 2022 and 2023 lows. From this potential reversal point, it would be very interesting if this bullish trend appeared, which would invite a return to the search for aggressive reduction opportunities among these companies.
In Europe, the EuroStoxx 50 is trading close to the triple resistance zone of 4,985/5,000 pointsof similar significance to the annual and historical highs of the German DAX 40 during the period 19,000 points. “These 4,985/5,000 points represent the 78.60% Fibonacci recovery level of the entire last decline from the year’s highs in the 5,121 pointsthe tangency with the bearish guideline that arises from the combination of the decreasing highs of the last months and an important psychological resistance,” explains Cabrero, who emphasizes that overcoming it is the key to eliminating the bearish risks and giving coherence to the bullish risks.
In the United States, the Nasdaq 100 added its fourth consecutive session stuck to the 20,000 points. Until the Nasdaq 100 manages to overcome at least this intermediate resistance, it is premature to speak of absolute strength on Wall Street. And its improvement would allow investors to “confidence in further increasesat least until the July highs of the Nasdaq 100 in the 20,720 pointswhich are still at 5%,” underlines the technical analyst.
China resets annual counter to zero
In Asia, stock markets decided to continue the gains of the last few hours, triggered after the announcement by the People’s Bank of China of new stimulus measures for the economy of the Red Dragon. The region’s stock markets are recording particularly significant gains in the Shenzhen index, which has appreciated by more than 2% and has already reached touch the levels it was trading at at the start of the year.
The Chinese stock market has accumulated an 8% gain since the lowest level of the year. In the Hang Seng, for its part, the progression since its lowest level of the month already exceeds 13% and places the selective less than 1% from its highest level of the year.
