The last session of the year has traditionally been a day marked by reduced trading hours and the meager volumes moved throughout the hours in which the stock exchanges remain operational. In 2024, for now, it does not seem that it will be different.
The Ibex 35 faces the last day of the year trying to react to the rise after having reached the support zone this month that it presents in the 11,300 points. That level “is the tangency with the bullish trend that has been guiding the increases since October 2022, analogous to the support of the 39,300 of the Ibex with Dividends“explains Joan Cabrero, technical analyst and strategist of ecotrader which affects the fact that this is the level where it is today the support that should not be lost if we want to continue trusting in a bullish context in the short / medium term.
“Think that if you lose the 11,150/11,300 of the Ibex 35 and especially the 39,300 of the Ibex with dividends, The threat would be a 10% drop towards the August lows of 10,300 points. and until then I would not be in favor of buying the Spanish stock market again,” says Cabrero while remembering that the Spanish selective will only show strength if it beats the 11,600 integers.
The EuroStoxx 50 seems like it will conclude the year without too many surprises, trading at no man’s land; at the same distance from key supports such as the November lows in the 4,688 points and resistance at the highs of the year in the 5,050/5,125 pointswhose breakup would invite an increase in exposure to the European stock market.
Operationally, I have been insisting that we must be completely calm and not think about reducing exposure to the European stock market as long as the main European stock markets remain on their key supports,” highlights Cabrero, who assures that to think about increasing the weight of equities in model portfolio should see some type of technical signal near the November lows, in the 4,688 points of the EuroStoxx 50 or when the maximums of the year are exceeded.
Lukewarmness and less negotiation in Asia
In Asia, the stock markets that remained open this Tuesday (the Japanese Nikkei no longer did so today) have recorded a mixed day that has not altered the annual balance of the main selective of the region, which shows gains of more than 15% in the Chinese markets and close to 20% in Japan.
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