Western stock markets are facing what will be the first day of the week and the month of September today, and they are doing so mindful of the heavy losses accumulated throughout the day in Chinese stock markets. And in this Eastern country, declines were around 1.5% in its main stock benchmarks due to new signs that its government’s efforts to support its weakened economy continue to fail.
In Hong Kong, in fact, The Hang Seng Index fell nearly 2% at times during the session driven by the actions of Development of the New World The latter fell as much as 14% after news that the historically indebted property developer had said it planned to publish its first annual loss in two decades in its earnings report.
This catalyst threatens to break the chain of ascending days that links the Ibex 35 these last few weeks. And that’s it, The Spanish selection has been on the rise for seventeen registration sessions according to the oriental candle theory And nineteen days managing to close above the lows of the previous session.
“As soon as we detect that a session loses the previous day’s minimums at the close of the session, the last ones in 11,372 points“It would be very likely that we have seen a short-term ceiling and the risk of seeing a correction of part of the last and very strong rebound would increase considerably,” explains Joan Cabrero, technical analyst and strategist at Eco-retailer.
“Sooner or later our joy will be quarantined and that is when the Spanish stock market will have to rise, not now in the middle of a whirlwind of purchases, so until there is a fall in the stock market. 11,000-10,850 points “I don’t plan to buy more Spanish shares,” the expert explains.
If in the case of the Ibex 35, the 11,372 points are the reference level to monitor today, in Europe, 4,957 integers They are presented as the key point to be defended by the EuroStoxx 50.
US unemployment data expected
Its perforation would confirm “the potentially bearish implications of the doji-shaped candlestick line that the continental selective displayed on Friday,” explains Cabrero, who underlines his doubts about the ability of the current rise to overcome the resistance of the 4,985/5,000 points without before digest or consolidate some of the increase. I would not be surprised to see a correction in the coming sessions.
Throughout the week, all eyes will be on – besides the Red Dragon economy – the new macroeconomic data released by the United States, which, after a month in which its poor employment data caused panic among workers around the world, for fear of a recession, will publish its unemployment rate for the month of August.
