Although several global selective values are trading in the high zone of the year – the Ibex 35 and the S&P 500 have reached this point in recent sessions -, technically speaking, the market picture does not yet allow throws the bells into flight in complete freedom.
“I consider it premature to rule out possible episodes of greater volatility that could cause further falls,” warns Joan Cabrero, technical analyst and strategist at eco-retailerwhich places particular emphasis on the solitude of the Spanish selective when it comes to reaching these milestones: “If we want to trust in sustainable increases, the increase must not be exclusive to the Ibex 35,” he emphasizes.
The Nasdaq 100, the Russell 2000 or here in Spain the Ibex Medium Cap and the Ibex Small Cap, have not been able to follow in the wake of the Ibex 35 and the S&P 500, and until they do, the picture will not be entirely bullish.
I would feel much more confident recommending purchases. after a fall if the Nasdaq 100 first breaks the resistance of 20,000 points and the EuroStoxx 50 breaks the triple resistive barrier of 4,985 to 5,000 points“If these resistances are broken, the risk of a future decline to the September lows would decrease significantly,” he explains in his weekly strategic commentary.
In this sense, For new purchases, “I suggest waiting for a decline that brings the indices closer to these September lows.” This level would function as a stop aggressive for open operations in recent weeks.
In other words, the levels to keep in mind now are the September lows. If prices break above this level, we could be facing a consolidation evolving into a correction.
