Ibex And The Latest Whiplash From Wall Street Encourage Attack On 9000

“Despite the temporary ceiling formed by the European stock exchanges last week, the Ibex has been behaving in recent sessions with remarkable relative strength, staying with some comfort above the support zone of 8,800 points, on whose maintenance its trading options depend. keep moving towards the June highs before it will probably correct positions, “explains Carlos Almarza, Ecotrader advisor .

“The break weeks ago of 8,900 / 8,950 points, which corresponded to the recovery of 61.80% and two-thirds respectively of the entire fall that began at the highs in June at 9,310 points and ended at 8,250 points. , has been a clear sign of strength that raises the possibility that the Ibex 35 is heading to attack the highs of the year in those 9,310 , with intermediate resistance at 9,100 points, which corresponds to the recovery of 78.60% of Fibonacci of that described fall ·, continues the expert in technical analysis of the investment strategies portal of elEconomista.

Last lash
Beyond the relative strength of the Ibex 35, the stock markets in Europe have the incentive of a last bullish lash on Wall Street, which at the close of the session this Monday gained integers, “but we understand that the route is limited, so nothing has changed “, explains Carlos Almarza, strategist at Ecotrader.

“The main benchmark indices are pressing to recover the losses of last Thursday’s session. Closes above the 4,200 points of Eurostoxx 50 and 15,970 points of Dax 30 would allow us to speak of strength in the short term, but it would not be enough to consider that it removes the risk of attending a broader consolidation or a deeper correction “, the analyst details.

More optimistic
The market is in a more optimistic mood compared to last week, when doubts about the pace of the recovery prevailed and investors looked to Jackson Hole, where major central bankers meet starting Thursday, with concern, waiting to know details of the times of tapering (withdrawal of stimuli) in the United States.

Oil is experiencing its best day since March: up 5.5%
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The threat of the Delta variant of the coronavirus is less this week, with news about the extra dose in the vaccination process and the rebound of technology from China after listing uncertainty over regulatory pressure as the next positive factors.

“The feeling is that Fed Chairman Jerome Powell will err on the side of caution at this week’s Jackson Hole symposium and will not offer advance notice about reducing his asset purchase program,” said Chris Weston, chief of Pepperstone Financial Pty research, in a report collected by Bloomberg.

Oil escalation
Futures that trade on the oil rose slightly this Tuesday, after climbing just over 5% this Monday. Commodities, and especially crude oil, showed at the start of the week that they are not afraid of this week’s meeting in Jackson Hole, despite speculation that the Fed could announce the date of the start of the stimulus cut at this meeting. .

This Monday was a day of generalized increases for basic resources, advances that were especially notable for oil. The Brent barrel experienced its most bullish day since last March.

This day of rises has put an end to the longest streak of losses that the barrel has experienced since 2019, seven consecutive days of falls for the barrel, which, before Monday’s session, had accumulated losses of almost 9% In these last days of falls.

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