The Ibex reconquers 8,700 points and takes a run to attack annual highs

The European indices have risen moderately, but the Ibex performed slightly above average (+ 0.97%; 8,701.90 points). This, in the first day of a week that will be marked by the meeting of the Federal Reserve (Fed) and by the publication of relevant results (Santander, BBVA, Sabadell, large American technology companies ...). In addition, the Bankinter subsidiary, Línea Directa, will debut on the market on Thursday.

Within the selective the values ​​of the tourism sector have clearly done better. IAG, Aena, Amadeus, Melia have moved forward with enthusiasm ... after the president of the European Commission, Ursula von der Leyen, confirmed this Sunday that the European Union (EU) plans to issue a recommendation this summer so that the states Members allow, if they so choose, the entry of American tourists who have received the two doses of vaccines necessary against the coronavirus.

Banks (BBVA, Sabadell, Santander ...) and Telefónica have also been among the best. On the negative side, the falls in Cie Automotive and Iberdrola have stood out, although most stocks have closed positively.

Looking at the technical analysis, "again we have the Ibex on the verge of resistance at the annual highs, the March highs at 8,740 points. A close above, preferably with ease, would activate a new signal of short-term strength with a target of 9,000 points. A level that in this case, in addition to being a round and psychological number, is also a real resistance (bearish gap at the end of January 2020) ", says JM. Rodríguez, an analyst at Bolsamanía.

CONCERN FOR INDIA

"Investors are primarily concerned about the severe increase in coronavirus cases in India and its impact on the weak global economic recovery," said Naeem Aslam, chief analyst at AvaTrade. "There is no doubt that the coronavirus situation is out of control there; more than 350,000 new cases of Covid were registered on Sunday. India desperately needs help," he added.

In recent weeks, the country has faced a staggering rise in new coronavirus infections. Over the weekend, it broke another world record for daily cases, bringing the nation's cumulative total to 16,960,172 cases, according to figures compiled by Johns Hopkins University.

The Joe Biden government has reported that it will immediately make available the raw materials necessary for the production of vaccines against the coronavirus, as the nation works to counter the increase in infections.

THE BITCOIN RECOVERES

After falling below $ 50,000 last week, bitcoin revalued more than 7% this Monday and again exceeded that level ($ 53,200).

"The tension on the cryptocurrency is not over yet, as those prices represent a psychological 'cap' that is difficult to overcome. That said, it is important to note that bitcoin prices are vastly oversold. Ethereum, the second largest cryptocurrency by capitalization market, is experiencing a gigantic price rise this Monday (+ 8.5%), and is hovering around its all-time high. There is no doubt that there is a lot of interest among institutions, as they believe that ethereum is massively undervalued ", Aslam explains.

The agenda for this Monday has the German IFO for the month of April as the main macro reference, which has softened its progress in the face of the new rallies of the virus. In addition, at the business level, the results of Tesla will be known. In Europe, Pearson has published figures and has gone up in the stock market; and Philips has improved forecasts.

OTHER MARKETS

The euro depreciates 0.2% and trades at $ 1.2075.

Oil fell 1% on average, to $ 65.53 for Brent and $ 61.75 for West Texas.

Gold and silver are flat at $ 1,779 and $ 26.12, respectively.

The yield on the 10-year American bond eases to 1.56% and that of the 10-year Spanish bond falls to 0.39%.