The Ibex has dropped 0.6% this Friday, to 9,170 points. In the week as a whole, which began with two consecutive sessions of earnings, the selective has lost 1.32% and falls below the support of 9,200 points. In today's session, the falls in the banks have once again dragged down the good intentions of the selective.
- 11.154,600
- 1,56%
CaixaBank (-3.83%), Bankia (-2.84%), Sabadell (-2.72%) and BBVA (-1.55%) were the four worst values of the Ibex. The financial sector has been harmed by the Italian entities, which have come down hard against a possible electoral advance. On the opposite side, Siemens Gamesa has rebounded 2.85% after getting several projects in the United States.
This being the case, the operators are already looking at next week, when there will be a real 'explosion' of references. Between Monday and Thursday, national politics will take center stage with the voting in of Pedro Sánchez that is expected to be unsuccessful. In addition, on Tuesday the name of the successor of Theresa Mayen United Kingdom will be known and results season will kick off in Spain unofficially with Santander.
On Thursday, the most anticipated rate meeting of the European Central Bank is held (the market expects more stimuli), which coincides with the second vote of the investiture debate in Spain and the results of Bankinter. And on Friday, Sabadell and CaixaBank will publish their figures.
THE FOCUS IS ON THE CENTRAL BANKS
Wall Street has opened this Friday with slight gains, after New York Fed President John Williams said yesterday that the central bank "should act quickly" at the first sign of problems in the economy. These words were understood as an imminent drop in rates, but a spokesman for the Fed has had to clarify the speech.
Following with the central banks, the ECB has indicated that it will reassess its inflation target and many operators have taken it as a sign that it will reduce its inflation target given that the current rate is 1.3% and the target is 2%. "The ECB fears that the Federal Reserve will cut interest rates, as it is likely to support the euro and a softer single currency is preferable for the ECB," says David Madden, an analyst at CMC Markets in the UK.
In the midst of all this, geopolitical tensions are still important. The US has said that it has shot down an Iranian drone and Iran has replied that it was a US drone. "Oil has experienced enormous volatility in the last 24 hours, and the energy market is conditioned by rising tensions," adds Madden. At the close of the Spanish market, the Brent crude oil barrel rose by 0.21% to 62.06 dollars.
TECHNICAL ANALYSIS
"We couldn't finish the week on a worse not, just when at the beginning it seemed like we could successfully attack the resistance of 9,410 points. This is why we always insist that we have to wait for the price to confirm the movements, "says José María Rodríguez, an analyst at Bolsamanía.
"Confirmation was not produced because we did not have a closing above 9,410 points at any time, let alone weekly, and what we have is the opposite, a sharp downward turn from levels of resistance. In the end we closed even below the support of 9,200 points. "From now on, the 9,200 are no longer something. Because of so much overcoming in recent days upward and downward they appear to have lost relevance, "he adds.
"The shock that the Ibex has recieved on Friday is striking, especially after filling in the total gap this Thursday, now resistance, at 9,285 points, it has been filled and from there it has come down to us with great ease Therefore, we now have the first resistance at 9,285 points, and as supports we have the 9,210, the 9,060 and above all, and the most important support of all: the 8,900 points ", concludes the analyst.
