The Ibex yields positions, with one eye on fusion and the other on the 'quadruple witch hour'

As we wait to see what it does this Friday (at the moment it yields 0.4%), the Ibex accumulates increases of 2% in the week thanks, fundamentally, to Inditex, which encouraged the selective on the eve and on the day it reported results. The downside was the impact of the news of the Federal Reserve (Fed), which with its lack of clarity in terms of measures, left the markets cold and weighed on investors' spirits during the past day.

In this last session, the absolute protagonists are CaixaBank and Bankia (they have approved the merger. The first will pay 0.685 shares for each share of the second) and, by extension, the rest of the banks, and the 'quadruple witch hour' (expiration of options and futures on both sides of the Atlantic), the penultimate of the year. Investors also await the decisions of S&P and Moody's on the rating of Spain, which is expected to be known at the close of the stock market.

Wall Street ended Thursday in the red, again with the Nasdaq and technology companies leading the declines. In Asia, meanwhile, green has dominated this early morning. "The European session is off to a cautious start as it comes to the end of a week in which central banks have decided to stay on the sidelines for the time being," said Michael Hewson, chief analyst at CMC Markets in London. It should be remembered that the Bank of Japan and the Bank of England have not 'moved tab' this week either.

Regarding the technical aspect of the Ibex, the selective is still undecided, neither up nor down. This Thursday, again, he abandoned the 7,100 points that he had achieved thanks to Inditex. This Friday we will see if it manages to close the week above 7,000. "The selective remains relatively close to the resistance of 7,200 points, prices that should overcome if we want to end up seeing a continuation of the gains to 7,321 points, key levels. We will only see a technical complication of its price series with the abandonment of the support of 6,900 points ", explains César Nuez, analyst at Bolsamanía and head of Trader Watch.