The Ibex loses strength at the end of the session and closes below 9,300

The Ibex (+ 0.42%), which rose by almost 1% mid-session, has deflated in the final stretch of the day and closed this Wednesday with slight increases, without reaching 9,300 points. The banking sector has been the main driver of the selective, especially Santander and BBVA, awaiting the meeting of the European Central Bank (ECB) tomorrow.

Within the banking sector, Santander (+ 1.7%) and BBVA (+ 1.4%) stood out, which were the first and third most bullish values of the session. In between, Red Eléctrica slipped, which closed with a 1.4% rise, managing to recover much of what was lost yesterday, when it was placed as the red lantern of the session.

The other large Ibex stocks closed with gains, which were very mild in the case of Repsol (+ 0.1%) despite the fact that S & P was very positive in a report with the oil company saying that it "faces 2019 with a balance reinforced to face geopolitical risks ".

Good day also for the energy sector after Iberdrola (+ 0.35%), Naturgy (+ 0.55%) and the company Endesa (+0.5%) have signed a protocol of agreement for the closure of nuclear power plants between 2025 and 2035, it will do so, predictably, next week, once it is approved by its board of directors on March 11.

Among the most bearish values ​​of the session were the falls of Grifols (-2.1%), Ence (-1.2%) and Viscofan (-1.1%).

In the Continuous Market, there have been two major players for very different reasons. The Asturian engineering company Duro Felguera (+ 8.8%) has exploded after announcing its victory in the lawsuit against Samsung at the International Court of Singapore. At the other extreme, the shares of the supermarket chain DIA (-5.6%) have continued to fall on the stock market and are further away from the price of the Fridman bid.

TECHNICAL ANALYSIS

"This Wednesday the Ibex has marked a maximum in the session at 9.344 points, coinciding practically with the annual highs that were reached last Thursday at 9.361 points, but every time it approaches the area of ​​9.350 as a round number it loses steam and drops again, below 9,300 points, and we can say little more, just a reminder that the 9,260 points have lost its relevance, "explains José María Rodríguez, technical analyst at Bolsamanía.

"This does not mean that we can not continue to rise, in fact, we continue to have minimums and maximums and it does not fall. Although the the daily overweight levels are still there, intact, "says Rodriguez.

"And so it is difficult for the price to continue climbing positions with decision, the fact is that the current situation can be defined as 'too late to buy but soon to sell.' For the time being, the only thing we observed more or less clear is that we have short-term support at 9,200 points, coinciding with the minimum of this Tuesday as well as the bullish guideline that joins the lows since the end of December, "concludes the technical analyst.

ECB

The rest of European stocks have quoted with a mixed sign on Wednesday, after a close with limited setbacks on Wall Street and a quiet day and also with a mixed sign in Asia. Analysts say that the markets are still waiting for the two key events this week: the meeting of the European Central Bank (ECB), which will take place tomorrow Thursday, and the US Employment report to be released on Friday.

Meanwhile, today the employment report of the ADP consultancy on the US private sector has been published. In February, 183,000 jobs were created, a figure lower than that projected by consensus (189,000) and previously registered (213,000). In addition, the Beige Book of the Federal Reserve (Fed) will be released tonight and two members of the Fed, Williams and Mester will speak.

On the other hand, today the economic forecasts of the OECD have been known. It has lowered by eight tenths the growth forecast of the eurozone economy for 2019, to stand at 1%, while it has revised downward by two tenths growth worldwide, to 3.3%. The experts of Renta 4 already stated in the first hour that, "in line with other international organizations, they could be revised downward in the current environment of economic slowdown".