At a lower rate weekly. The major European and American stock indices closed yesterday on Friday, and now, more aggressively, the support zones on both sides of the Atlantic are under control.
Here in Europe, two of the three relegated European teams did so below the bottom of the broadsides they have been moving towards in recent months. I refer to both the Ibex 35 and the Cac 40 of Paris (as well as their gross return versions). Italy’s FTSE Mib is still resisting.
You can check what I mentioned in the weekly schedule Ibex 35 I am linking below. Notice how the index is losing its weekly moving average bands as it closes below horizontal support.
I quote the words as I already told you this week “Supports can give way at any time, but for this we need to see a break below the recent expansions at the end of the weekly candle. In a unified state. “If this movement is united with the European banking sector, it is certain among the elect.”
The first thing we can consider is confirmed. I think the Italian Selective is still trading above 27,100 points which is very low. This is less important as banks are closer to their key support points. I’m referring to the 105 and 435 points of the SX7E and SX7R respectively.
If these supports are incorporated into the editing process There would be no a priori, technical excuse to defend a positivist thesis.
From this forum I am of the opinion that banks, in the medium term, are a major technical threat to the stock markets. And because they are This sets the field apart Maintains depending on the selections of the old continent. A double difference after replacing what was created at the peak of 2022. Let me mention the last and most obvious one left after the collapse of SVB in March of this year.
Even though it’s been a week, I’ll leave you with a video analysis I did last Monday (10/16/23). BBVA and Banco Santander. Note that it was closed last Friday 3.46 and 7.54 for Santander and BBVA respectively. This will help you understand what is happening in the European banking sector. Watch the video Click here.
In America Overall technology continues to rule (Nasdaq 100, a composite of the Sachs and Nasdaq) like banks in Europe. A strong weekly bearish candlestick is shown but its supports remain in place.
Not forgetting that the monthly candle close is just around the corner and we should have some doubt that they will be hit in the next week.
I won’t tell you what it will be like if we see European banks crudely converging with the Old Continent’s picks, and if US tech finds itself with the traditional indices (DJIA and S&P 500). All will align downwards and on both sides of the Atlantic. But, it has to happen. Because if it is not yet concentrated, it is because it is still different.
I’ll leave you with a review of each weekend 35 values of Ibex 35 That is with cooperation Radio Interconomy We do it every Friday.
with audio pcan be accessed For free and without registration 35 for analysis and updated maps of ipex values. In this case, related to the ending week October 20. You can see it Click here.
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Collaborator: CMC Markets
Twitter: @Ortega_Gerardo
