A general feeling of risk aversion is flooding the markets. bear woke up from its slumber and in recent hours has threatened to attack the market. The sharp fall recorded on Wall Street – almost 10% – led this Tuesday by Nvidia, one of the largest companies in the world and which in recent months has led the rise of the stock markets to their historic highs, has favored the decline of several chip giants in the Asian market, such as Taiwan Semiconductor Manufacturing and SK Hynix, which have fallen by at least 4% each and have dragged the stock markets of the East with them. record his worst session since bump from the beginning of August. The Nikkei, in fact, fell by more than 4% at certain points during the day.
Fears that Nvdia’s production forecasts mean An economic slowdown in the world’s largest economy, the United States, is riding high on global stock markets. Which, added to the weakness of the disappointing macroeconomic data published in China, ended up having harmful consequences on risk assets.
If it is true that all the alarms began to ring yesterday in the markets with the falls on Wall Street, it is also true that the Ibex 35 emitted the first signs of weakness by canceling the series of twenty consecutive sessions in which it managed to close above the previous day’s lows.
A movement that reveals the buyer exhaustion that is the protagonist of the market and puts on the table the possibility of witnessing a consolidation or correction of part of the rise that began after the setback of early August and that led to the Ibex 35. be about to recover all the fall from the highs it established in June in the 11,469 points.
“With the cancellation of the bullish series of twenty sessions closing above the previous daily minimum, there is the possibility that the Ibex 35 has reached a ceiling and begins a phase of correction of the previous rise,” explains Joan Cabrero, technical analyst and strategist. .of Ecotrader.
“SO The first support is located at 11,170 and 11,000 points.corresponding to an adjustment of 23.60 and 38.20% of the increase described”, specifies the expert, who assures that “the loss of the 11,000 points The information that the market would give us is that the consolidation could be broader and deeper, potentially targeting the 10,690-10,740 pointswhere it would be an opportunity to buy.”
