The main stock exchanges in Europe are facing the monthly close that they are facing today with the tranquility they have shown in recent days. Futures point to European parks will close June without major shocks, leaving the monthly baggage in positive in all the large squares of the Old Continent except one, the Ibex 35, which will close the month with losses close to 2.5%
And it is that, the selective Spanish is the one that more signs of weakness are showing in recent sessions. In fact, yesterday it was unable to sustain the attempted rebound that it tried at some points in the session, unlike what happened in the rest of the European stock markets.
“It seems that investors have a lesson learned and are in favor of not trusting eventual rebounds in the Ibex 35 and the recommendation is do not do it while the selective Spanish does not manage to beat the maximums of last week that he established in the 9,110 points“, says Joan Cabrero, technical analyst and advisor to Ecotrader.
In the case of the EuroStoxx 50, today that we have an appointment with the monthly closing of June, we must be aware of the analytical reading that the monthly candle lines that leave can offer. This is how Cabrero understands it, who warns that “If today, Wednesday sales are imposed there are many numbers that the main European reference ends up unfolding a sail line that in eastern technical jargon is known as Shooting Star“.
“This type of candles with an elongated upper shadow”, explains the analyst, “usually warn of a possible bullish exhaustion and the possibility that the maximums of the month, which in this case are the 4,165 points, have been a temporary ceiling in the rises “.
To confirm the ceiling implications of that candle in the form of Shooting Star must be required the loss of the monthly lows in June, which were established at 4,044 points, which is precisely the support that during the last sessions it has been recommended to monitor since Ecotrader.
The dollar and gold, opposite paths
The US dollar will say goodbye to the month registering rises against its most traded crosses. This is demonstrated by the behavior of the Dollar Index, which reflects the movements of this currency against a basket of the most traded currencies on the planet. And it is that, the North American currency registers rises against nine of its ten most traded crosses in the world since the beginning of the month.
Despite this, this last-minute upward behavior will not allow it to reverse the losses it recorded at the beginning of the quarter, so their quarterly baggage will remain negative at the close of the session, as on three of the last four occasions.
The price of an ounce of gold, for its part, deepens in the monthly falls it accumulates. The golden metal is on the way to close its lowest month since November 2016 reaping losses close to 8% since June 1 and threatens even to give more than in that month if today the declines deepen, something that would place the month at the height of the fateful month of June 2013, when its price plummeted more 10%.
No European index earns less than 10% this first semester