The Ibex, faced with the possibility of ruling out a fall to the September lows

The threat with which the Ibex 35 has been threatening in recent weeks to return to the zone of the 11,130 pointswhich are the September lows and the support from which the risk-return equation would be optimal to seek from there a bullish final stretch of the year, would move away if the Spanish selective manages to beat the resistance zone of the 11,800 points.

“It is the level of recovery of two thirds of the entire fall since the 12,000 points“, highlights Joan Cabrero, technical analyst and strategist of ecotraderwho, on the contrary, also warns that if it loses 11,485 points, the risk of returning to the bullish trend that has been guiding the increases from the 2022 lows would be greater.

The possibility of the Ibex 35 of moving away ghosts of a loss of supports, is framed in a more positive context in the European market in recent hours. And, as Cabrero assures, “it can no longer be ruled out or I would not be surprised if the European stock markets tried to move upwards.”

“At this time of year, all eyes are on whether we will finally attend the well-known Christmas Rally, something that I do not rule out as long as the main European stock markets remain on their key supports, such as the 10,900 of the EuroStoxx 50 in its Total Return version (not to be confused with the Net Return) and the 18,900 points of the German DAX 40,” he explains. That is, as long as these supports are not lost, there will be no need to further reduce exposure to the stock market.

Trump ‘collapses’ the yuan to lows of the year

The election of Donald Trump as the new US president has marked a before and after in the price of the yuan. The Chinese currency today marks its lowest level of the year -and of the last 13 months- in its exchange rate against the US dollar after accumulating a decrease that has already reached 2% since the presidential elections in the North American country, at the beginning of November.

The magnate’s threat to the members of the BRICS+ (the forum of emerging countries that make up, among others, Brazil, Russia, China and South Africa) that he will impose tariffs on them if they decide to create their own currency to replace the dollar, has been the last great catalyst. which has reduced the Eastern currency, which has lost almost 4% since the year’s highs and which is not favored by concerns about a weakened economy and growing tensions with the United States.

The tone in the Asian session has been generally positive. Especially after learning that the new restrictions of the Biden administration’s Department of Commerce on technology exports to China, which have not reached the forecasts of some experts, which implied sanctions on more key Chinese companies in the sector.

The Nikkei has been one of the selective ones that has most celebrated the decision. The Japanese selective leads the promotions in the region by managing to revalue more than 2% and thus registering its most bullish day since the US elections, at the beginning of the month.

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