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Ibex: a relapse towards the March lows takes more and more body

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Much has to change things in the Ibex almost immediately if we do not want to start seeing ghosts again regarding the evolution of our market.

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The Ibex rebounds 15% from the March lows, the Dax 30%, the Cac 40 23%, the Euro Stoxx 50 (SX5T) 25% and the S&P 500 33%. And I think that with this everything is said. With each passing day the gap between our selective and the rest of the indexes increases a little more. And while the falls of this Monday mean nothing to the set of the great European and Wall Street indices in our case dangerously close to supports. And as we know for sure we already have one at 6,580 points, the bullish gap of a little over a month ago that was filled but was not closed. So be very careful to drill it at closing prices, since a relapse into the area of May lows at 5,800 points.

And while the rest of the indices are clearly trading far from the annual lows, it may happen that any minimum correction that serves to drain / adjust proportionally the increases of the last almost two months of our neighbors, here it is more than a simple adjustment and weighs us down towards the 5,800 points, which is where the real support zone is. And let's cross our fingers so it doesn't get pierced, well the next stop would be at 5,200-5,250 points. Far from being heavy I insist once again. We have to go to the market to buy strength, not to buy weakness. And buying Ibex we are buying maximum weakness. The fortress, for a decade, has been mostly on Wall Street. And within this in technology. And in Europe mainly in the Dax, which usually behaves in a similar way to the S&P 500. However, the Ibex has not yet pierced supports, let's not get ahead of the events.

Ibex 35 daily chart

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