The closest threat to European stock markets is a return to the September lows

In the heat of greater caution among investors and analysts given the proximity of the presidential elections in the main economic power on the planet – the United States – and the decision on interest rates by its central bank (the Federal Reserve), the European stock markets have approached support levels in recent hours whose drilling would bring “news from a technical point of view.”

This is reflected by the main stock market reference of the Old Continent, the EuroStoxx 50, which in recent hours has positioned itself at only 1% of the support it presents in the 4,900 points.

“If you lose that level and the 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 would fit with what I thought could happen weeks ago, which would be more similar and proportional to the last phase of consolidation prior to the August fall,” says Joan Cabrero, technical analyst and strategist at ecotrader

In fact, if that broader consolidation finally forms, it could take the EuroStoxx 50 to the September lows in the 4,730 pointsindicates the technical expert

The Ibex 35, for its part, has now been consolidating positions laterally among the 11,560/11,600 and the 12,000 integers. However, in recent sessions it has approached the lower part of that range, to the point of being close to 1.5% of said support.

“There will be no changes within the bullish situation of the Spanish selective as long as it does not lose that support,” warns Cabrero, who points out that the loss of that range of levels would warn of the possibility of witnessing a decline that could be sustainable over time.

The bullish hope placed on Wall Street

Hope for the bulls is found in the last hours in the catalyst that the earnings season can represent for the markets, which has helped the Nasdaq 100 to approach the highs it established in mid-July in yesterday’s session. around the 20,690 points

“It will probably end up surpassing this level,” predicts the Ecotrader strategist who highlights that the North American indices remain on supports, so “we have to continue enjoying it for now.”

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