Wednesday, September 28

If the Ibex 35 breaks the 8,585 points it will have bullish divergence activated

What levels do we have to attend to in the Wall Street and European indices?
The S&P 500 has been in a lateral range since October. At 4,500 points it has the minimum and at 4,752 points the maximum. In the last sessions the market is recovering, we are seeing something interesting like that the amplitude is improving after the reports that the omicron variant is more contagious but less serious. In the last sessions all the sectors have pulled hard and that is usually positive. If it breaks 4,752 it would activate the theoretical target for breaking the range.

The Nasdaq has a succession of decreasing highs since November 22. If it breaks 16,325 it could be an entry point with greater optimism once this variant has less effect. Below support at 15,500 points.

The Russell 2000, it would be a little for exceeds 2,769 points, below it has the support at 2,105.7 points.

In Europe, the Eurostoxx, has a succession of decreasing maximums that has been broken. It would be necessary to confirm the exceeding of 4,251.3 points, which was the maximum of December 16 and if it breaks it, the most likely would be to continue the upward movement. It has comor levels of support at 4,219, 4,186 and definitive support in the succession that joined the increasing lows that would pass through 4,022-4,000 points.

In the DAX we have to see if it is capable of exceeding the short-term rising lows, it has resistance at 15,710 points. If we see a daily close above, we could be more optimistic.

Spain is the furthest behind among the Europeans. What would be the levels that would make us feel calmer in the selective?

In the last days we see a rebound from 8,060 points. The first resistance is at 8,585 points, in the case of breaking it could have bullish divergence activated. The next resistance would be in the long-term average at 8,790 points. The important thing is to keep an eye on 8,585 points if you break them.

Doing a little review of the values ​​that have done the best this year within the Spanish stock market, eDreams Rovi, Sabadell or Fluidra have risen more than 60% since the beginning of the year. On the contrary, in negative there are securities such as Codere or DIA, in the continuous market, Siemens Gamesa, Grifols or Solaria, with falls of more than 20% this year. Do you keep any?

eDreams ODIGEO. Positive technical structure. It has been supported by the long-term average, it can channel price and has resistance at 8.69 and from there if it breaks the channel above it would have more projection. Support at 7.61 euros.

Rovi Laboratories. After a strong movement since June, it had a powerful correction when the news of its vaccine came out in Japan, from there it has recovered in free rise and may have activated a second impulse towards 93.20 euros.

Siemens-Gamesa, the downward trend has been maintained since January, from here it could generate a floor, it will be necessary to monitor it closely and see that it exceeds 33.96 euros. Now it would not be an attractive value if it does not exceed that level.

Grifols A. Much weakness. We see a clear fall since April of this year, including a double top that is on the way to completing it. At levels of 16.85 19.85 has resistance and would have to break a succession of decreasing highs.

Bitcoin, another of the star assets this year. Reference levels?

It left bearish divergence when it broke the lows between highs, the objective has already been met and now it has a lateral range between $ 45,500 – $ 52,000 that it would have to overcome. If it does, we could think that it could be the beginning of an improvement, as long as it remains below these levels, the trend has turned negative. If it breaks through the bottom it could go $ 39,550.

Raw materials: oil and gold. What technical aspect do they present?

Petroleum. After the strong accumulated rise, it has been rising since April without rest, a break was taken on October 25 and the market tries to anticipate what the demand for oil will be and for that they will have to clear doubts about omicron. In the short term, we can look at the succession of decreasing highs and at $ 76.60 per barrel. If it exceeds them, we could think that it has made a short-term bottom with resistance at $ 82.05-84.95. If it does not break that level, ensure that it does not lose 69.30 because there we could think of additional corrections.

As for gold, the dollar index has lost steam and the inverse correction with gold must be taken into account. To propose a possible short-term investment strategy, it would have to exceed 1815 dollars with a minimum theoretical objective of 1,877.4 dollars. And, if you lose the bottom, you would have the zone of $ 1,759. Where you could open shorts with a target of $ 1,721.48.

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