IBEX 35 loosing momentum

2024年6月14日

Loosing bullish momentum, RSI crossing its 9 week MA to the downside, overlapping waves and on the upper side of the Bollinger and YTD AVWAP bands.
If 10800 level is lost, we could see a very bearish development (lower highs and lows, downside momentum accelerating, middle term trend lines being traspásese, etc.) with a PT around the 9800/9600 area

2024年6月14日

註釋

Ibex 35, Spanish stock index, seems that is breaking the higher end of a rising wedge, inside a very long term correction from the 2007 highs (at 16.000). Notice the rising pattern, with a big risk to the downside.
Ibex is very skewed towards the financial stocks (banks and mutual funds), which have been largely benefiting from high interest rates in the eurozone. Huge tail risk if a real estate bubble should burst, as middle class spaniards are struggling with high CPI, decreasing median personal income, and an aging population.

2024年7月15日

註釋

Holding in a tight range, 10.800/11.200
Head and shoulders on the making?

2024年8月1日

註釋

still sideways, but with the other european indexes falling heavilly we might see in the short term the 9800/9600 area