He Ibex 35 Yesterday I began the technical process of overcoming the psychological resistance zone found at 12,000 whole numbers. It did so by setting a new high for the year and moving higher as part of its impeccable uptrend. He pulse She received it from some of the major Spanish companies that are trading at their highest levels in history, such as Iberdrola, Inditex or Telefónica. And with this new medal, the Spanish index continues to widen the price gap with its European counterparts by recording an annual increase of 18.8%, in line with the selectives on the other side of the Atlantic, at Wall Street.
The 12,000 points are levels that were not seen in the benchmark 35 since January 2010although it surpassed them on the last Friday of September intraday, it failed to reach these highs of the year. This objective is achieved one day before the next meeting of the European Central Bank (ECB), during which Christine Lagarde, president of the monetary entity, is expected to continue the path of interest rate cuts, including the Reserve American federal government. could take more calmly given the latest macroeconomic data in the region.
“At present, I do not detect any technical evidence that warns of the possibility of witnessing a setback that could be lasting over time.so everything indicates that the Ibex 35 will now seek to exceed the maximums established in 2010 at 12,240 points”, explains Joan Cabrero, technical analyst and strategist at eco-retailerwhich invites you to “keep enjoying” for now.
The other side of the coin is represented by EuroStoxx 50. It is not to be able to follow the rhythm of the beats that the ibex gives. As the Spanish index approaches an annual increase of 20%, the EuroStoxx 50 fails to mark the double-digit annualized increase again, and was swept away during the last session by technology, luxury and energydown 0.8% during this session. The main motivation were the disappointing results of companies on the continent which opened the season of publication of the accounts, since the ASML chip producer at luxury parent company Louis Vuitton.
Technically, the continental selection is testing in the short term the strength of the support represented by the minimums it marked last week in the 4,900 points. The transfer of these minimums would confirm the loss of the upward trend which guided the increases since the lows of the panic session of August 5.
“If this happens, I fear we will see a broader consolidation phase, which honestly to me is more in line with what I thought could happen weeks ago,” says the eco-retailerwhich leaves the door a little open to optimism.
“The good news is that this broader consolidation does not change the technical situation of the index.where I view it as only a matter of time before it hits new highs for the year on the 5,120 pointssomething I will continue to favor as long as the EuroStoxx 50 does not lose the September lows in the 4,730 pointsThis is where the support is found that we must not lose if we want to continue to have confidence in a short/medium term bullish context.”
