Spain's benchmark stock index, the IBEX , is on the cusp of triggering a bullish technical signal known as a 'golden cross' as its 50-day moving average is less than 2 points below its 200-day average.
The golden cross - when the 50-day ma crosses above the 200-day ma - would confirm the index's shift in medium-term momentum started in late July, a technical signal used by a number of algorithmic trading programmes as an automatic 'buy' trigger.
The IBEX has surged 33 percent since late July, when European Central Bank head Mario Draghi said he was ready to do whatever it took to save the euro, later announcing a bond buying programme to cut the borrowing costs of struggling states such as Spain.
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Keywords: MARKETS EUROPE STOCKSNEWS