He Ibex 35 adds and continues… but in lonelyThe Spanish selective index has not only managed in recent days to stand out from the behavior of the rest of the major European stock exchanges and set new highs for the year – something that the rest of its European and North American counterparts are far from reaching – but it has also started the week marking new increaseswhile the rest of the European indices once again lost positions slightly.
In this context, Joan Cabrero, analyst and strategist of eco-retailer calls for remaining calm and operationally cautious, especially “when I detect that This force is exclusive to the Ibex 35 selective“, since the Ibex Medium cap is still 6% from its highs of the year and the Ibex Small caps at 8%.”If we want to rely on sustainable increases, the increase must not be exclusive to the Spanish index” he explains.
At the end of next Friday, it will be interesting to see if the Ibex 35 manages to stay above June highs in the 11,469 points. Anything less would be a clear sign of weakness. In any case, there will be no technical evidence suggesting bullish exhaustion until the Ibex 35 fills the gap it opened upwards from the 11,278 and lose the support of the 11,138 points.
In Europe, “to be able to count on the current rebound in the EuroStoxx 50The minimum required is that the main European reference manages to beat the triple resistance zone of the 4,985/5,000 points“, warns Cabrero.
“The short-term rebound is emerging in the continental selective sector,” says the expert, but warns that the concession noted a few days ago when the 4,790 points“This is anything but a sign of strength and could indicate the possibility that after this rebound we will see a further fall towards at least the 4,670-4,650 points“.
Stock markets in the hands of central banks
For now, nothing has changed. Investors and analysts’ eyes remain focused on the decisions taken this week by two of the most important central banks on the planet, the US Federal Reserve and the Bank of Japan. Both will act on monetary policy in the coming days and whether or not stock markets maintain the upward momentum of recent weeks depends largely on their actions.
In Asia, a day without a homogeneous trend, The Nikkei is the one that led the decline. It remains down more than 1.5% on the day.. And if Japan’s central bank governor, Ueda, confirms the interest rate hike that the market is already anticipating, the dollar/yen cross and the Nikkei will likely come under renewed selling pressure.
