The Ibex rebounds 0.9% from Monday's annual lows

ACS (3.8%), Arcelormital (3.5%), and Enagas (3%) led the rises in a day in which large values ​​of the selective such as BBVA (-0.8%) and Inditex (-1% ) remained in red and failed to recover the lost ground on Monday. The latter presents its results on Wednesday and analysts anticipate that it will increase its profit by 7% and will earn 1bn in the quarter.

DIA collapsed 19%, after having fallen over 35%, a day after the Technical Advisory Committee of the Ibex announced the departure of the selective supermarket chain, which will be replaced by the paper company Ence. Técnicas Reunidas was the second most bearish value, closing with a fall of 3.5%, losing much of what was achieved in the previous day.

"Despite the rises on Tuesday, the swords are still high", warns José María Rodríguez, technical analyst at Bolsamanía. "The only thing to hold on to is the fact that we have not reached a new intraday minimum in the Ibex in the latest fall, the October minimum reached 8,627 points and the minimums of Monday were marked in the 8,644 points, or what is the same, any minimum possibility that the Ibex may be trying to build a floor happens because this support is being respected at all times. "

Rodriguez discards any return figure whatsoever "until it jumps over the resistance of the 9,230 points, levels very far from the current ones". As for the rest of the major European indexes (Dax, Euro Stoxx 50 and Cac 40), the analyst stressed that "they have been drilling the October lows clearly and it is logical that we should follow".

The Bolsamanía analyst forecasts a volatile day on Wednesday before the aforementioned presentation of results of Inditex, the largest company by capitalization of our market. "The volatility will be assured in the title and therefore will help us to move away from the danger zone or, on the contrary, to drill the annual minimums, but I doubt very much that this Wednesday's session will pass without pain or glory".

UNCERTAINTIES CONTINUE

The rebound of this Tuesday could be, however, a mirage, according to the analysts of Bolsamanía, who do not rule out that the Ibex falls to 8,500 in the short term. The great sources of uncertainty for the market, both Brexit and the commercial war between China and the United States at international level, and the Catalan crisis at the national level, are far from remitting in the short term.

Brexit has returned to its starting point and Theresa May has traveled to Brussels this Thursday to meet with the European leaders and try to obtain more concessions on her deal that allow her to renegotiate with Parliament. Right now anything can happen with the United Kingdom, experts say, which causes uncertainty to skyrocket. The pound fell on Monday against the dollar to levels not seen in 18 months.

In Spain, the situation with Catalonia is getting tense again and on Tuesday there is talk in the media of the possibility that Pedro Sánchez applies article 155 and sends the police to cut the mobilizations of the CDR. Fitch and Barclays have also warned of the risk that Vox presents for Spain and Europe

The only mildly positive news comes from Wall Street, which yesterday recovered support in the last bars of the session and which is trading at this time with slight increases. "The US markets experienced a last-minute rebound, boosted by the rebound in technology stocks, with Chinese stock markets also rising slightly tonight. US Treasury Secretary Stephen Mnuchin and China's economic czar Liu He spoke yesterday of the following phase of the trade negotiations in a telephone call", emphasize the experts of Danske Bank in their diary report.

On the other hand, Italy is also in the spotlight, although the news seems positive. According to local media, Rome and the European Union would be about to reach an agreement on the Italian budgets. 'La Repubblica' reports on Tuesday that the European Commission (EC) is willing to accept a deficit target for Italy next year of 1.95%.