Beyond geopolitical tensions and macroeconomic concerns, the eyes of investors and analysts were yesterday largely focused on Nvidia’s quarterly results. The American company managed to beat the profit and sales estimates that the market consensus predicted, but the earnings outlook it published They left locals and foreigners lukewarm, something Asian stock markets have already recorded and feared could have adverse consequences on Wall Street.
And the fact is that the accounts of the company led by Jen-Hsun Huang They not only impact its long list of suppliers, but also global markets, given the company’s size and its role in the rise of artificial intelligence..
Its behavior would favor the selective reference to the United States to continue the consolidation phase of recent days which serves to mitigate the overbought resulting from the strong increases which led the Russell 2000 to reach the objective set at the historic highs of the year 2021 around 2,465 points.
“In the short term, I am closely watching the lows that the North American indices set during this month of November a few weeks ago, as the 19,900 points of the Nasdaq 100″, explains Joan Cabrero, technical analyst and strategist of eco-retailer.
“If we are considering a simple consolidation before a Christmas gathering, these minimums should not be lostwhich also coincides with the M200 of the main technology index”, explains the expert, who emphasizes that he would be in favor of purchasing technology again.
Levels to watch in Europe
The levels to monitor in the case of the Ibex 35 are within the September low, at 11,138 pointsand the support level to which consolidation could bring the index in the worst case scenario is that of 10,900/11,000 pointsthis is where it runs the bullish guideline that has guided increases from the 2022 lows. For its part, in the EuroStoxx 50, the support environment for 4,675/4,700 points This is one to watch and the biggest risk is that it ends up seeking the August lows around the 4420/4480 points.
In this context of approaching the first support levels facing the European stock markets, the market invites us to monitor the behavior of certain indices which can give clues on the path that the reference indices in Europe could take, such as the ‘EuroStoxx and the already mentioned. Ibex.
Eyes in recent hours have turned to the EuroStoxx 50, but in its Total Return version, the one that takes into account the distribution of dividends, which has recently lost the upward trend born from the combination of the minimums of 2022, 2023 and August 2024. “This move opened the door for the main European benchmark to seek support at the August low at 10,900, which is still 3.6% away,” explains Joan Cabrero, technical analyst and strategist at Ecotrader who It is unlikely that a reliable upward trend can be observed in continental stock markets. without first this key support and red line be put to the test.
It is also necessary to monitor the behavior of the Dax 40 because one of the most selective which can give the market clues on the directions that investors can adopt in the weeks to come. The German index threatens to confirm a bearish trend in the form of head and shoulders which would open the door to an additional drop of 4%. This configuration would be confirmed if it lost the 18,900 points which, for the moment, resist the bearish progression, but which were already tested during Tuesday’s session.
