Spanish stocks doing quite nicely

Since its October 2022 low, Spain’s IBEX 35 equity index has risen 31%. This index doesn’t contain any of the world’s technology giants.

The Nasdaq 100 has climbed 24% over the same time.

More interestingly, this week the IBEX made a new ‘higher high’.

Higher than its recent March ’22 high and its higher than any peak seen in 2022 or 2021.

Probability is increasing that its sees a run up to the 10,100 mark (+/- 100 points) which is a further 7% higher than today….

but keep in mind that the IBEX is at the tail end of this current advance.

IBEX at 10,100 would equal its February 2020 high and would see the index trading at some longer-term overbought extremes.

April 21, 2023

by Rob Zdravevski

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