Spanish index making a double bottom? Both matador and bulls blood on the streets!

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Spanish stocks have endured a 5% swing lower from the open this morning at just over 7100 to 6700 at last look.

The chart above is the intraday chart of the Ibex index and shows a large wedge formation that its now probing to the upside just now and so breaking the strong & determined down trend this morning. Following our piece on 30 April on the value now inherent in Spanish equities and the old adage re “buying when there is blood on the streets”, then it looks like both the Matador and the bulls blood are flowing!

Considering how oversold the market it, any positive bias on Friday’s non farms print in the US could act as a catlayst to propel the index back over 7000 in the coming days. Looks like a half decent bull swing trade opportunity is presenting itself to me.

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