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The charts, graphs and comments in my Trading Blog represent my technical analysis and observations of a variety of world markets...
* Major World Market Indices * Futures Markets * U.S. Sectors and ETFs * Commodities * U.S. Bonds * Forex

N.B.
* The content in my articles is time-sensitive. Each one shows the date and time (New York ET) that I publish them. By the time you read them, market conditions may be quite different than that which is described in my posts, and upon which my analyses are based at that time.
* My posts are also re-published by several other websites and I have no control as to when their editors do so, or for the accuracy in their editing and reproduction of my content.
* From time to time, I will add updated market information and charts to some of my articles, so it's worth checking back here occasionally for the latest analyses.

DISCLAIMER: All the information contained within my posts are my opinions only and none of it may be construed as financial or trading advice...

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NOTABLE POSTS WITH IMPORTANT UPDATES...

Saturday, October 28, 2017

Spain's Ibex 35 Index Mired in Long-Term Congestion Zone

In the midst of political and social uncertainty surrounding the recent referendum in Catalonia to separate from the rest of Spain and Prime Minister Rajoy's aim to stop it, Spain's Ibex 35 Index has been faltering, as shown on both the longer-term Monthly chart and the short-term Daily chart below.

Longer term, price ran into major resistance in the form of a downtrend line and a 50% Fib retracement level. It's currently hovering above the 40% Fib level. So far, neither the Momentum nor the ROC indicators are showing that higher prices are in store for this index on this timeframe.

Shorter term, a bearish moving average Death Cross has formed and price closed just below both of them on Friday. So far, the RSI, MACD and PMO indicators are not hinting of higher prices to come any time soon.

These technical indicators, resistance and support levels, together with the Death Cross formation, may be monitored to assist in determining the potential sustainability of any further decline or new rally that may ensue over both the short term and the longer term. A drop and hold below the long-term triangle apex at 9150 could produce a swift plunge to 7750, or lower.