The main stock exchanges in Europe and the US are once again echoing the fear that the economic recovery is losing steam. The fear of a slowdown in the growth of some of the most cutting-edge technology companies on the planet, such as Amazon , is growing.
And it is that, the American yesterday announced in its account of results some benefits that were below that expected by the average of investment firms , thus frightening investors who do not want this trend to be extrapolated to the rest of the firms that their results remain to be published.
Despite these fears, the EuroStoxx 50 seems ready to close the month of July with a positive monthly balance close to 1%. This increase is the sixth consecutive registered by the continental index, which since February has seen it revalue continuously at the end of each month. However, the bells are not yet to be thrown on the fly .
“The latest hikes could be unreliable and part of a consolidation process that could take even longer before we see sustainable hikes towards targets at 4,575 points, ” warns Joan Cabrero, technical analyst and advisor at Ecotrader .
“That the EuroStoxx 50 did not reach the May lows of 3,855 points in the last drop (3,900 lows) and that a minimal downward correction has not yet been seen on the other side of the Atlantic, invites us not to rule out the possibility that we can see wide ups and downs in the coming weeks and we would not be surprised if we even end up seeing a drop to those 3,855 points “, the expert emphasizes.
For readers who want more: Ecotrader, the premium investment strategy portal
In the case of the Ibex 35 , the increases in the last few hours “have not canceled our hypothesis that sooner or later the falls could be imposed again,” says the expert, who echoes that the selective Spanish has approached irrefutably to the resistance zone of 8,850-8,950 points (maximum at 8,840), which seems difficult to overcome.
” We would not be surprised if sales were to be imposed again before we can see an attack on the highs of the year at 9,310 points . This fall is what we suggest to wait before new purchases, ” he says.
The best week of the euro against the dollar since May
Despite the fact that on Friday the dollar is managing to regain ground against the euro, the weekly baggage of the pair is the most favorable for the euro since May. The single currency has appreciated this week about 1% against the greenback , something that did not happen since the spring month.
With this advance, the pair is approaching the level of 1.19 integers. “There would still be hope of seeing further increases in the coming weeks and months , if the short-term rebound at least breaks the level of $ 1.19 per euro,” says Joan Cabrero, technical analyst and advisor to Ecotrader .
For its part, after registering the largest monthly collapse since 2016 in June, the ounce of gold has appreciated by more than 3% in July, thus approaching the 1,900 dollars at which it was trading when the year began. The weakness of the dollar and the fall in the real yield of the Treasury bonds with a 10-year maturity in the US, have favored that the gold metal has registered one of its best weeks in the last two months.