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Mexico stock market report: the IPC eased 0.40% to 68,587.74 on Friday May 29, a modest second-day decline that traded a much wider range than the close suggests. The session ran intraday to 68,899 in an attempt to reclaim the moving-average band, then plunged to 67,710 in a wick that broke below 68,486 and tested the 50-day at 67,501 before recovering. The slide has moderated rather than accelerated, and the wick holding the 50-day is the first signal the structural support is doing its job.
Friday was supposed to be the bounce. Washington and Tehran agreed a 60-day memorandum extending the cease-fire, the S&P 500 and Nasdaq closed at fresh records, the Kospi ran 2.68%, oil fell to 91.95 and US Core PCE at 3.3% sealed the Fed on hold. Instead the IPC drifted, with Thursday’s breakout failure too fresh. The session was a stabilization rather than a participation.
The interesting price action was inside the day. The IPC sold off to a 67,710 intraday low that broke below 68,486 and tested the 50-day at 67,501, the deepest probe of the slide and a clean test of the floor supporting the recovery since April. Buyers walked the index back more than 870 points to close at 68,587, the kind of wick that often marks a short-term low.
