The Ibex made a grab for the resistance of 8,375 while Wall Street marks highs
The Dow Jones has reached 30,000 points for the first time in history
The Ibex has finally overcome, and with great force, the resistance of 8,000 points after closing this Tuesday at 8,143 points. It did so in the heat of the new highs on Wall Street, with the Dow Jones reaching 30,000 points for the first time in history. Now the selective has its next resistance in the bearish gap in March marked at 8,375 points.
"The selective not only managed (this Tuesday) to close above 8,000 points, but it also overcame the resistance of 8,102 points, the maximum of last day 16. Its technical aspect for the next few days is very good and it seems that we could finish seeing how it covers the downward gap in March that was left at 8,375 points. The first support level is at 7,835 points, prices quite far from the current ones ", explains César Nuez, analyst at Bolsamanía and head of Trader Watch .
Regarding specific values, PharmaMar, Ferrovial and Telefónica, which rose 8% yesterday, are now the best. Cie and Aena (after a price cut to 150 euros by Morgan Stanley) are the ones that fell the most.
Asia has seen a day of moderate and mixed movements, while American futures are rising moderately. The stocks continue to advance in the heat of the Covid vaccines and, although the rally has already started weeks ago, many believe that the perfect conditions are in place for the revaluations to persist and a full-blown Christmas rally to form.
The agenda for this Wednesday brings the preliminary GDP for the third quarter of the US, the weekly unemployment claims or the minutes of the last meeting of the Federal Reserve (Fed). We recall that this Thursday Wall Street closes for Thanksgiving and that on Friday, the day in which Americans will take the opportunity to make their Christmas purchases (Black Friday), the stocks are only open for half a session.
It is also worth noting the rally that oil is experiencing in parallel with the rally of stock indices. The price of Brent crude is above $48 a barrel, the highest level since the beginning of March. Oil prices have been supported by growing optimism about demand thanks to positive news about the vaccine, in addition to support from a gradual decline in the US dollar.