Although it is true that the beginning of 2024 has been marked by the inconsistency of bulls and bears in his ventures on Wall Street, on this side of the Atlantic, the bulls in the main European stock markets have been more consistent and they have managed to ensure that the selective ones register profits so far this year that in some cases have exceeded 5%.
This is the case of the Italian Mib, which stands as the index that has appreciated the most so far this year in Europe and that exceeds the 4% gains of the EuroStoxx 50 and the 3.5% gains of the French and German stock markets.
Further behind, on the other hand, is the Ibex 35, which has barely achieved a 2% advance since January 1st, not being able to take advantage of the good performance of luxury companies in the equity market, where They revalued this Thursday after the results of Richemont (Cartier) were made public.
The behavior of the Ibex 35 in this context, however, has now made it possible to identify new clues at a technical level.
And the fact is that the Spanish selective “has not even gone to seek support again from the key support of the 11,300 pointswhich is the dividing line that separates a consolidative context prior to more increases from a potentially bearish one towards the 10,300 points“, highlights Joan Cabrero, technical analyst and strategist of ecotrader.
“In the short term the Ibex 35 would only show weakness if it lost the support of the 11,635 points. If that happens, everything would point to a return to 11,300 points. As long as it resists on this support I do not rule out that it could go to attack last year’s highs at 12,000/12,150 points“explains the expert, who operationally remembers that Only at the August lows would I consider buying the Spanish stock market attractive again with a medium-term orientation.
In Europe, the EuroStoxx 50 is trying again in the short term to beat the downward trend that has been guiding the consolidation process that it has developed over the last nine months and that runs through the 5,050 points. “If it exceeded it, it would be a clear sign of strength, especially if it is accompanied by the breaking of last year’s highs in the 5,125 points“, highlights Cabrero.
Of course, if it fails in its attempt to beat this guideline, it could see falls that test the solidity of the support of the 4,800 points and above all the 4,688 pointscorresponding to the minimums of last December and November.
Wall Street Earrings
In the US, for its part, the S&P 500 has been able in recent hours to turn positive so far this year and is managing to react upwards after seeking support at the bottom of Trump’s gap in the 5,780 pointswhich is the support to monitor in the short term since its transfer would confirm the probable beginning of a second period of sales on Wall Street.
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