For José Antonio González, technical analyst for investment strategies, the situation of Ibex 35 with the bearish turn that is being recorded in the last sessions/weeks, after the registration of the maximums of the 13,520 points for the selective, it is a correction that, for the moment, we should not see with bad eyes.
From a point of view, strictly charrtist and strictly technical, Correction is due to the need to purge extremely overcompra accumulated in the weekly MACD, which have to be cleaned.
On the other hand, we see that Falls try to recoverin the last sessions, From the growing guideline that starts from the minimum of October of the year 2022. From that area, the market has been developing an area of increasing maximum and minimum, which, for the moment, has not been altered.
That does not mean that, for the moment, we are facing a purchase opportunity because we are facing an event or an episode of strong volatility in the market, especially in the Variable Income in the US, but Europe and Spain are no stranger to that rebound and therefore We see it in that ‘very blunt regime change in recent weeks.
In an environment of extreme complacency, as we had before, just three or four weeks ago, The market is strongly affected.
In this sensewe must monitor the weekly closures that are not below the growing guideline that starts from the minimum of October 2022, And, on the other hand we must Avoid weekly closures lower than the last growing minimums of 11,295 points.
As long as we do not have weekly closures below those references cited, we understand that the correction of Ibex 35, despite the rebound in volatility, At the moment it is being absorbed by the great bullish structure generated in recent years by Ibex 35.