In a start to the week marked by the losses suffered by Chinese technology companies after an increase in the regulatory threat and waiting for more clues about the withdrawal of monetary stimulus at the Fed meeting next week, Joan Cabrero, strategist of Ecotrader , warns that “the profitability / risk equation in the stock markets is bad . ”
The technical analysis expert looks at the Nasdaq 100 on Wall Street. “It is only 3% from the 16,000 point zone, which in addition to being an important psychological resistance coincides with the ceiling of the channel that has been limiting the increases since the middle of last year,” he observes.
“There is the objective that I have repeatedly been pointing out that could be achieved before we witnessed a sung downward correction, which I would not be surprised if it was similar in intensity to the one we saw now a year ago and which led to the main North American technological benchmark from 12,440 to 10,677 points or what is the same, a 14.50% drop from maximum to minimum “, highlights the analyst of the investment strategies portal of elEconomista .
The Ibex 35 does not find support until 8,567 points
For the Ibex 35, “the loss of the bullish guideline that runs through the 8,725 points area is anything but positive for the Ibex 35, which does not find another support worthy of note up to 8,567 points,” he continues.
Although Joan Cabrero suggests paying special attention to the key support presented by the EuroStoxx 50 at 4,080 points .
“If it loses that support a lot, we fear that a corrective context could open in the European stock markets that could lead the main European benchmark to seek 3,800 / 3,900 points in the worst case, being the analogous support zone in the Ibex 35 7,700 / 8,000 points, “says the Ecotrader expert.
Oil goes up
Futures that trade on a barrel of oil rose close to 0.5%, both in the case of the Brent reference and in West Texas, due to the impact of Hurricane Ida on the supply of the Gulf of Mexico and after three consecutive weeks up due to better prospects for demand in the latter part of the year.
The euro deepens below $ 1.18
For its part, the euro depreciates slightly against the dollar this Monday and deepens below 1.18, still without marking a trend in either direction, embedded in a narrow range of some portent points in the face of the unknowns that still remain. they exist on the pace of withdrawal of stimuli by the Fed and the ECB.