Strong very short-term upward momentum from the October 13th low
Stock markets reverse downtrend and may have entered a “corrective” cycle
Upcoming economic events
Tuesday: US consumer confidence
Wednesday: Bank of Canada interest rate decision
Thursday: ECB interest rate decision
Friday: US personal income and consumption
Commentary:
IBEX 35 Index: Strong very short-term upward momentum from the October 13th low, current price 7,680 and faces resistance near 7,830, long positions can be technically supported provided price can hold above the 7,426 support which would intersect at a potential 40-degree tentative trend line, if trend line proves true new long positions can be supported near the 7,426 area with stops at 7,385.
Upcoming economic events
Tuesday: US consumer confidence
Wednesday: Bank of Canada interest rate decision
Thursday: ECB interest rate decision
Friday: US personal income and consumption
Commentary:
IBEX 35 Index: Strong very short-term upward momentum from the October 13th low, current price 7,680 and faces resistance near 7,830, long positions can be technically supported provided price can hold above the 7,426 support which would intersect at a potential 40-degree tentative trend line, if trend line proves true new long positions can be supported near the 7,426 area with stops at 7,385.