The Ibex closes with a fall of 1% and nears 9,200 support

The Ibex was also affected by the falls of BBVA by Turkey (-2.56%). In addition, Bankia (-2.17%), Santander (-2.21%), the steelmakers and Repsol (-1.81%) have not done well on this day either. The selective has aligned with the rest of European stocks, where declines ruled. The Ftse 100 in London that was active today after the holiday break on Monday, has dropped 1.7%. But also Cac 40 1.7% and Dax 1.76%.

Within the Spanish selective there have been two clear protagonists: Cellnex and Ence. The first shot up 6.68% after announcing that the quarter ended without losses and reporting the acquisition of 10,700 sites after reaching agreements with Iliad and Salt. It should be noted that Cellnex has set new historical highs today. As for Ence (-6.65%), it delves into its painful stock market calvary and backs down strongly after announcing a 41% drop in profit on Monday.

This Tuesday the Spanish index has faced a new avalanche of results. Endesa (-0.18%) has earned 2% less until March but confirms the objectives for 2019. For its part, Siemens Gamesa (-2.5%) earned 67m in its first fiscal semester (October 2018 a March 2019) and achieved a record order backlog of 23.6m. In addition, today there has been talk of DIA. Fridman has agreed to close the bid without achieving control of the company to agree on time with the banks. The stock has rebounded 5.35% and reaches again the price of the opa (0.66 euros).

Tomorrow will be the turn for Amadeus, Cie Automotive, Melia Hotels and Mediaset Spain.

Regarding the commercial war, it seems that investors have opted for some optimism given that everything indicates that the negotiations between both parties scheduled for this week are continuing. China maintains its plans to send a delegation to Washington this week, headed by Deputy Prime Minister Liu He, to continue with the trade negotiations, as confirmed by US Commerce Secretary Robert Lighthizer.

"Market sentiment has picked up slightly after hopes of an imminent trade agreement reignite after China confirmed that trade talks will move forward this week despite the US deciding to raise tariffs," the Danske Bank experts explain. The US trade representative has confirmed both Liu He's trip to Washington and the increase in tariffs scheduled for this Friday.

FROM A TECHNICAL POINT OF VIEW

From a technical point of view, José María Rodríguez, Bolsamanía expert, underlined that Tuesday's session "can be defined as a 'catch-up' for the Ibex after filling in a bearish gap, and this Monday our Ibex fell sharply, leaving us with a bearish gap at 9,410 points, by definition resistance, and this Tuesday the stocks rebounded with some happiness at first hour, leading the Ibex to mark a maximum in the session at 9,405 points. "

In other words, "the bearish hole has been filled and prices have been turned downwards with determination from this point." At this point we have a potential support (although it is not very reliable, it must be said) at 9,200 points, because it is of the daily MM200 and below we have the horizontal support of 9,100 points, although taking into account the weekly chart and unless the market turns us upwards with forcefulness, the truth is that it gives the feeling that we can drain / adjust proportionally all the rise from the December minimums ".

The expert added that "a 50% retracement of the entire last rise corresponds to a fall to the area of ​​8,950 points, while if it were 61.8% the correction would take it to the area of ​​8,800 points. What is evident after today's movement is that we will not have any sign of strength in the Ibex as long as we do not close / annul the bearish gap of 9,410 points ", he concluded.