14th, Daily Report

Excessive movements are not expected in today's session. It is true that the German ZEW data may have caused volatility, but it has not been very positive so a return to the upward trend is unlikely. Moreover, today's ECOFIN meeting will determine something that is partially known: deposits above € 100K may suffer taxes.

The U.S. market ended mixed, thanks in part to the strong performance of the health sector, which has improved the status of a session that opened downwards. Markets are influenced by analysts, as many of them support further gains while others are more skeptical. The best was the NASDAQ with a rise of 0.06%, followed by the SP that was flat. In contrast the DOW ended with a decline of 0.18%. This behavior, with good data as the yesterday's retail sales, may indicate that we are in a moment of bullish exhaustion.

In Europe, most indices fell yesterday, except the FTSE that ended with a rebound of 0.1% and the DAX, which was flat. The worst was the IBEX, which lost 1%. This is mainly due to the worsening of the debt, which has already lowered bond yields in the region of 4.3%. For this session, a good performance of the stocks are not expected due to the German ZEW data, which has not been positive.

In Asia, the Japanese bond yield continues falling due to the depreciation of the yen, and that looks set to continue with this behavior, which causes money go to other markets (albeit at the periphery of Europe does not get much). The Nikkei ended with a decline of 0.1% after several sessions of gains, and it's in the area of 42.1% annual return with no reason to distrust since the BOJ continues to inject money.

For today's session I expect a slightly bullish behaviour due to the macro data that is coming out throughout the day, although it has not been very positive. For the medium and long term I continue expecting a bull market.



INDICES:


S&P 500

Lateral movement between the resistance in 1630 and the support in 1620. Possibilities for intraday trading in this range, being always very cautious with the stop loss. Approaching the average support of 50 sessions, which may be used as support. Oscillators without showing divergences.




Dax 30

The highs last week seem to have already found its limit. Macro data has not been very positive so today it could close with the same scenario. However, the strength through the upward trend may mean no more than a mere collection of benefits. At the bottom, monitor the 8165 as a support for the short term. The oscillators do not differ with regard to the long term.




Ibex 35

The return to the average of 50 sessions finally came in H4 making it more convenient to watch for the short term if it occurs in the same way on the daily chart, in the vicinity of 8250. On the upside, the objective of the 8670 resistance. RSI and Stochastic in neutral territory.