In the heat of greater caution on the part of investors and analysts given the proximity of the presidential elections in the main economic power of the planet – the United States – and the decision on interest rates of its central bank (the Federal Reserve), the European stock markets have in recent hours approached support levels whose drilling would bring “news from a technical point of view”.
This is reflected in the main stock market reference of the Old Continent, the EuroStoxx 50, which has positioned itself in recent hours at only 1% of the support it presents in the 4,900 points.
“If you lose this level and 4,870 pointswhich are just over 1.5% from yesterday’s closing levels, we could see a broader consolidation phase, which would not surprise me and is what I thought might happen years ago. weeks, which would be more similar and proportional to the last phase of consolidation. before the fall of August,” says Joan Cabrero, technical analyst and strategist at eco-retailer
In fact, if this broader consolidation finally comes to fruition, it could take the EuroStoxx 50 to September lows. 4,730 pointsindicates the technical expert
The Ibex 35, for its part, is now consolidating its positions laterally among the 11,560/11,600 and the 12,000 integers. However, in recent sessions it has approached the lower part of this range, to the point of being within 1.5% of said support.
“There will be no change in the bullish situation of the Spanish selective as long as it does not lose this support,” warns Cabrero, who emphasizes that the loss of this range of levels would warn of the possibility of witnessing a decline that could be sustainable over time.
Bullish hope placed on Wall Street
The hope for the bulls lies in the final hours in the catalyst that earnings season may represent for the markets, which has allowed the Nasdaq 100 to approach the highs it set in mid-July during from yesterday’s session. 20,690 points
“It will probably end up exceeding this level,” predicts the Ecotrader strategist who emphasizes that the North American indices remain on support, so “we must continue to take advantage of it for the moment”.
