The Spanish index is among the biggest winners of the vaccine news. It makes sense – the Spanish economy has been hit extremely hard by the pandemic and with tourism playing such a vital role there it’s safe to assume that a return to normalcy would be great for the Spanish stocks. The question here is – isn’t this too much too soon? Vaccine news is great but it doesn’t ensure a smooth path to pre-pandemic lifestyle.
Technically, the index soared above June highs yesterday on the Moderna news but was unable to sustain gains and drew a daily falling star pattern. Traders should watch it carefully because a red session today could herald a correction.
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