The positive start to the year in both the European and US stock markets has helped the reference indexes on both sides of the Atlantic to remain above their supports and to avoid, for now, a replica of the earthquake on Wall Street. that we are living in July, or that there will be a buying exhaustion in the Old Continent that will lead the EuroStoxx 50 to lose the December lows.
However, the rebound has not been enough to throw the bells into flight. For several reasons. In Europe because the EuroSrtoxx 50 in its Total Return version has not yet surpassed the highs of 2024, for which it should beat the resistance of the 12,000 integers.
“This is something that should happen in future sessions and until it happens I will have the fly behind the ear“explains Joan Cabrero, technical analyst and strategist of ecotraderwho points out that on Wall Street, he still does not have everything with him “that we will not finally have second sales, which materialize my hypothesis of ending up seeing a replica of the earthquake that we experienced in July.”
And the fact is that the S&P 500 has not overcome the first resistance it encounters in the 6,050 points and the Nasadaq 100 21,700/840 pointskey levels for this risk to recede, at least in the short term.
In the case of the Ibex 35, it is striking that the always intuitive Ibex 35 has not yet managed to break the roof of the lateral process that it has been developing in recent weeks, something that its European counterparts have achieved. “I would be calmer if the Spanish selective managed to beat 12,000-12,150 points in this climbwhich would cancel the possibility that a pattern in the form of head and shoulders or a double roof“explains Cabrero, who focuses this week on whether these doubts have been a simple temporary weakness or not.
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, but as long as it resists on this support, I do not rule out that it could go to attack last year’s highs,” he says.
The Nikkei shoots up 1.5% and returns to square one
In Asia, expectations of greater spending on Artificial Intelligence after Donald Trump’s first hours as president of the United States have favored the advance of many of the reference stock markets in the region, such as Japan or Taiwan.
The Nikkei, in fact, soared nearly 1.5% on the day that allowed it remain very close to the levels at which it was trading when the year began. All this while awaiting the decision of the Bank of Japan, which is on the verge of raising interest rates by 25 basis points at its monetary policy meeting this week.
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