The Ibex is already looking at 8,000 points in its unstoppable upward climb
Bolsamanía experts warn of a possible correction after the strong rises
The Ibex overcame another resistance on Tuesday, in this case 7,654 points, which leaves a clear path towards 8,000 points, an unthinkable level not long ago. Since the Spanish stock market started heading up with the electoral result in the United States, it has been unstoppable. Last day it did better than the rest of the European stock markets thanks to the good performance of the 'blue chips', and now it will be necessary to see if it is able to maintain this rhythm.
IBEX 35
11.656,600
-
0,39%44,90
- Max: 11.674,00
- Min: 11.520,90
- Volume: -
- MM 200 : 11.125,61
"Its technical aspect for the next few days is good and it seems very likely that we could end up seeing an extension of the gains up to the 8,000 point level. Be very careful, yes, because we could end up seeing, at any moment, a stop in the way after a 22% rebound in just eight sessions ", warns César Nuez, analyst at Bolsamanía and head of Trader Watch.
European futures are up 0.1% at this time, while Americans are trading moderately on Wednesday after Wall Street closed yesterday with a mixed sign and with more notable falls (-1.37%) on the Nasdaq.
"As financial markets become excited about the prospect of a vaccine, profits have been seen in the companies that have benefited the most from the consequences of the pandemic. This helps explain why the Nasdaq, which has led earnings this year, has declined for the second day in a row. (...) The abandonment of technology has also led to a shift towards the more traditional and depressed areas of the market, as investors are betting on an economic rebound towards the end from the first half of 2021, helping banks and energy stocks post some strong gains, "explains Michael Hewson, chief analyst at CMC Markets.
Hewson adds that the news about the vaccine, while positive, does not change the fact that France, Germany and the United Kingdom are still in the midst of partial economic lockdowns, while infection rates in the United States have continued to rise. "However, for now the markets seem happy and willing to ignore this and are now focusing on the potential 'green pastures' of a post-pandemic world, with a viable vaccine. If this is premature, only time will tell, but for now investors are happy to ride this particular wave until it breaks, "says this expert.
In Asia, inconspicuous movements have also been seen this morning. The Nikkei performed better than the rest. There, it has weighed negatively that the State Administration of Market Regulation of China has announced a set of preliminary guidelines aimed at curbing monopolistic behavior on Internet platforms. Shares of Chinese tech giants Alibaba, Tencent, JD.com and Meituan have plunged in the stock market following the news.
Regarding events on the agenda this Wednesday, it should be noted that Christine Lagarde and Luis de Guindos, president and vice president of the European Central Bank (ECB) will speak.
