The Ibex 35 (+ 0.2%) closes above the 9,000 points awaiting Supreme court's ruling

It was planned that the ruling of the High Court would be known this Monday, November 5. However, it seems that it may be delayed, even until this Tuesday. This ruling will foreseeably condition the banks' contribution, as it happened on October 18, when the ruling of the Supreme Court was heard and is being reviewed. So it decided that it should be the entities, and not the clients, that pay the Tax on Documented Legal Acts (AJD) in the constitution of a mortgage.

But, as has already been said, the final decision of the Supreme Court is not yet known. Therefore, the six banks in the Ibex have listed on Monday the results of stress tests of the European Banking Authority (EBA, for its acronym in English) that were published on Friday. They have performed well during the session, however, Banco Santander has turned downwards towards the end of the session and ended with a fall of 0.63%.

On the other hand, the gains in the index have been led by DIA. The supermarket chain has shot up by close to 20%, although it still has some land to recover to erase the strong losses of last month.

The other most bullish values ​​of the session were Acciona (+ 2.26%) and Bankia (+ 1.8%). On the other hand, Cie Automotice (-2.19%), Meliá Hotels (-2.04%) and Indra (-1.67%) were the stocks that fell the most on Monday.

Also, the business results are still at large. Naturgy (+ 0.14%) lost 3bn through September due to asset deterioration. Grifols (-0.16%), on the other hand, has won 468.3m in the first nine months, an 8.5% increase. And from the Continuous Market, Euskaltel (+ 0.34%) has improved its net profit by 41.5% up to September.

TECHNICAL ANALYSIS

José María Rodríguez, technical analyst at Bolsamanía, points out that "we have been waiting to list the ruling of the Supreme Court about who has to pay the tax on Documented Legal Acts, mainly because, in theory, as well as succession in the first resolution we can expect a strong movement of our banks and therefore of our Ibex 35, in one or the other direction ".

"And little more can be said that we have not already said: that the next resistance zone is in the bearish hole of 9,163 points and as support we have the annual minimums in the 8,627 points", explains the expert. "And despite the 5% rebound from the October lows, everything remains a simple rebound for the time being, if it is something else, we will only know it with the passage of time.

"What makes us more optimistic is the fact that both the Dax and the Euro Stoxx 50 are bouncing from the base of the bearish channels (support) that they began to build at the end of January and that, seasonally speaking, October is already behind us and we are entering a much more favorable period to rebound within the Christmas rally, at least, historically the months of December and January tend to be more bullish than bearish, something that this year is easier to achieve after the October blow, "Rodriguez concludes.