The Ibex falls below 9,300 due to the ECB and Sánchez's failure

The president of the European Central Bank (ECB) has kept interest rates unchanged, as expected. But he has changed its orientation by stating now that "the rates will remain at current levels, or below ...", which means opening the door to a cut. The ECB has also reiterated that it will examine the options of a QE. Thus, today, banks will once again be protagonists, especially in the Ibex, where their weight is decisive. The weight of Telefónica, which announces its results, is also decisive. Mapfre and Indra also publish their figures. Outside Spain, watch out for Volkswagen, Carrefour or Amazon.

The president of the ECB has stressed what was said in Sintra: "If inflation remains below the target, the ECB will act." As for inflation, he clarified "we don't like what we see". Which means that the ECB will act with the same determination whether inflation remains below or exceeds our 2% target.

And he added that if the entity reaches too low rates, "staggered deposits will be introduced to mitigate their effects" The market has reacted immediately to the upside with the triggered banks. But minutes later they have opted for the red numbers.

Although the ECB has made changes, analysts have noted that it has been less 'dovish' than expected. "It has not lived up to expectations," they say.

So Santander has fallen more than 1%, Caixabank and Bankia have closed with moderate falls and the rest of the banks have held up. But ahead of them, they have highlighted the falls of Mapfre (-2.98%) and Telefónica (-2.93%) after publishing results. And on the positive side, Indra has shot up 6% after announcing yesterday that it will no longer buy ITP. And Mediaset (-0.46%) has also declined after publishing its results on Wednesday at the close of the market. In the Continuous, Oryzon has fallen sharply (-16.6%) after increasing capital by 20 million with a 20% discount.

Beyond these elements, which are already very relevant, today we have continued talking about BBVA and that scandal that, although it is not significantly affecting the stock market, it is ending its reputation ... and that will take a lot of time to recover. The entity has said that it will collaborate with the justice after the Prosecutor's Office has requested its imputation. Also related to the entity, due to its important exposure to the area, it should be noted that the Central Bank of Turkey has cut rates to 19.75% from 24%.

In the political sphere, Spain is the protagonist today throughout Europe. Pedro Sánchez has not succeeded. The President of the Government in office and candidate for the investiture has failed in the second vote, having failed to close an agreement with Podemos, who has abstained. It is the second time that Sánchez tries an investiture and fails.

Most likely, the country will be forced into new elections. The experts, for the moment, are not worried because they say that Spain is still strong from the economic point of view. We will have to see what the reports of international managers are saying, which are arriving more and more frequently.

The agenda of the day also brings unemployment in Spain in the second quarter which falls by 123,600 people. In Germany the IFO of business confidence falls to 95.7 compared to 97.5 before and 97.1 before.

TECHNICAL ANALYSIS

From the technical point of view, the session has been "very volatile", something that on the other hand "is normal every time we have an ECB meeting". But what is really important from the point of view of the graph is "that we have scored a maximum at 9,453 points and just when we promised them happily dreaming of a close above 9,410 points, the bloc turned down and we were falling 1%, "explained José María Rodríguez, technical analyst at Bolsamanía.com.

Conclusion to this Thursday's movement: "9,410 points are a key resistance (as we already knew)." Therefore, from now on "we either clearly exceed it in weekly closing prices or we will not trust ourselves completely," he added. "Yes, I know that we are repeating the same thing over and over again month after month, but that is what it is."

We have been living three lateral months, with a support at 8,900 and resistance at 9,410 points. And it's the third time we tried to break going up, "but there is no way (yet)." The good thing is that at least we have, even in intraday, a new growing maximum. Or what is the same, since the minimums at the beginning of June we have increasing minimums and maximums ... "and so it does not fall," he concluded.