Ibex 35 finishes the week with losses of 0.88% and below 9,400

The highest riser on Friday was ArcelorMittal, after it presented its results for 2016. Its stock gained 8.94% to 8.20 euros per share.

Another impressive performance came from Adolfo Dominguez, as the textile group gained 4% to go above 6 euros, continuing its good form of recent weeks.

Telefonica dropped 1.21% despite confirming that it "has received several offers for the acquisition of a stake of Telxius", and is in the process of negotiation with investors. Other big stocks such as Iberdrola (-0.88%) and Repsol (-0.29%) also performed poorly.

Caixabank fell 1.71% to pick up the wooden spoon on Friday, despite Bankinter analysts upgrading its recommendation to Buy from hold and increasing its target price from 2.90 euros to 3.75 euros. Banco Popular (-1.39%) closed at 0.85 euros, close to its lower base of 0.82 euros which would bring it minimums of 2016.

Meanwhile, Wall Street keeps marching on to record highs day after day, after President Donald Trump promised fiscal reform in weeks to come. Investors are still buying, disregarding the measures of the new administration.

TECHNICAL ANALYSIS

"Friday's session is easy to explain, in reality it can easily be seen in the graph. The whole session can be defined in the following way - the Ibex was not able to break the lower movement of 9,504 points," said José María Rodríguez, Bolsamanía analyst.

"In fact, in recent days we have spoken about this level of prices as a resistance to beat in the short term in order to think about the possibility of reaching annual highs. On Monday of last week the index left a lower movement of 9,504, today's maximum level."

"In other words, this movement has been fulfilled, but not closed. From what we can deduce we would have to fill that gap to think about a new upward movement. At the bottom, we have weekly lows of 9,236, which finds itself trapped inside a range of prices between 9,236 and 9,504."