European stock markets, pending Wall Street and the lows of two weeks ago

As the week has progressed, the bears have been steadily gaining strength in the equity markets and there are signs that they may end up taking control of Europe’s main stock indicators if not remedied by the bulls at the last minute.

Despite the fact that the reference indices in the Old Continent have managed to remain stoic against , it does not seem that this situation can be sustained over time according to the bearish insistence on the other side of the Atlantic.

“The short-term declines have led the North American indices to lose much of the rebound that was born in the support zone of 11,950 points in the Nasdaq 100 and 3,875 points in the S&P 500,” says Joan Cabrero, technical analyst and advisor to , who recommends monitoring these levels because they coincide with what is the adjustment level of 66% of the rise initiated from the lows of the area for the year seen in June.

“In fact,” says the expert, “”.

A trend that has not gone unnoticed in the European stock markets, which are already, like the 3,450 points of the , which are the reference level to watch, although “if they are ceded I want to see what happens in the key support presented by the DAX in the 12,400 points”, points out Cabrero.

In the case of , the level to watch is at 7,765 points, which “is where at the beginning of March it opened a gap on the rise that , which reinforces it as a key level.”

EuroStoxx 50 Technical Analysis

Gold moves 20% away from annual highs

Despite the declines, gold – which has once functioned as a safe-haven asset in the market – still hasn’t come back. The golden metal adds its fourth week to the decline of the last five and is already almost 20% away from the highs of the year. With the decreases this week, which exceed 3%, the ounce of gold is trading below 1,665 dollars, a figure 9% lower than that registered at the beginning of the year.

If this downward trend is confirmed at the end of the year, the golden metal would add its sixth year of declines in the last ten, thus registering more years of losses than S&P, Nasdaq or even Ibex in the last decade.