The Ibex remains at 9,870 points but increases by 2.5% in the monthly accumulated

By values, a especially bad session for DIA, which has dropped a 6.55%, and is heading towards its historical lows after losing the level of 2 euros. Also important losses for Grifols (-3.42%) and for Viscofan (-2.4%).

In spite of these values, the Ibex 35 manages to close in green supported by the large securities, especially in the big banks, such as Santander (+ 1.13%) or BBVA (+ 0.93%). The best values ​​of the session were Sabadell (+ 2.33%) and Meliá (+ 2.83%). The hotel presented its results this Monday afternoon and announced a profit 8.5% higher.

Red Eléctrica has also managed to close with moderate increases (+ 0.39%) after learning that former Minister Jordi Sevilla will be the new non-executive president of the company.

As for the results season, this Tuesday was the turn of Merlin Properties, which registered an improvement in the first half profit of 8.6%. Their titles closed with a rise of 0.92%. Beyond Spain, Lufthansa and Credit Suisse have also published results.

DOWNLOAD OF HARD FELGUERA

In the main board, Duro Felguera's shares have collapsed 79% to 0.032 euros, a day before the new securities issued after the capital increase begin to trade.

FCC (+ 2.77%) has also made headlines after its controlling shareholder, Carlos Slim, opened the door for the group to recover the dividend payment next year, suspended since 2013.

MACROECONOMIC AGENDA

Tuesday has begun with the decision of the Bank of Japan (BoJ) to take some measures of adjustment of its monetary policy. These measures include greater flexibility in the purchase of government bonds and the diversification of their investments in exchange-traded funds. Beyond these developments, there have been no substantial changes in the monetary policy of the BoJ, as expected. The Bank of Japan was the first of the three central banks to give a speech this week. Tomorrow it will be the turn of the Federal Reserve (Fed) and, on Thursday, the Bank of England.

"As expected, the Bank of Japan has maintained the official interest rate this morning unchanged at -0.1%, but has introduced the 'term guidance', with the intention of maintaining short and long rates "Very low for a long period of time." The Bank of Japan said that it would probably take longer than expected to reach the inflation target of 2%, "explain the experts at Danske Bank.

In addition to the decision of the Bank of Japan, the calendar has had other interesting appointments. Thus, the GDP of Spain moderates its advance to 0.6% in the second quarter. In the Euro Zone, GDP moderates its advance to 0.3% in the second quarter. For its part, July inflation rises to 2.1% in the Euro Zone. In addition, unemployment in the Euro Zone in June continues at 8.3%.

TECHNICAL ANALYSIS

According to José María Rodríguez, technical analyst at 'Bolsamanía', the 8,890-point downturn "is no longer relevant". In his opinion, the important thing is that the Ibex already adds four consecutive sessions in which it builds minimum and maximum increases, although "without much joy". "Now what is important is missing, to see if we will be able to leave behind the numerous resistance we have from 9,900 to 10,050 points, the upper part of the triangle," the analyst specifies. Although qualifies that "it seems that it will be easy considering that many heavy titles are already throwing readings of 'overweight':" We may arrive, but we will do it with fatigue, which leaves us little room to try to break the upside hard".

In this scenario, Rodríguez points out that the two large banks could reach the first "real" resistance: the 5.10 euros in Banco Santander and the 6.40-6.45 in BBVA. "It assures us in the message that it is true that we can go up a bit more, but there are many resistances (of significant importance) that we will face soon," he adds. It also refers to the case of Telefonica, which has been turned down this Tuesday from the significant resistance that presents in the last declining maximum (7.79). "There we have a first warning of the fatigue that some of the great titles of our market have", concludes the expert.