The Ibex (0.06%) closes flat and remains above 9,600 points

The Ibex (0.06% and 9,621 points) remained on Wednesday above 9,600 points and closed flat. The good German IFO has strengthened the rises in the middle of the morning, but then the profits have moderated again. The selective has risen 6% since the December lows, so, although "everything is still in order", the experts of Bolsamanía do not rule out a small break that takes us to the area of ​​9,500-9,530 points.

Within the Spanish index, the most outstanding increases this Wednesday have been for banks (CaixaBank, BBVA, Santander ...) and for other securities, such as Repsol or MásMóvil. Ferrovial has closed with falls despite an improvement in the rating from UBS. Outside of Spain, today Peugeot and Fiat Chrysler are protagonists, who have given 'green light' to their merger agreement and are rising in the stock market.

Although there are still doubts, the truth is that the year ends with considerable calm around what have been the two main issues of this year 2019: China-USA and Brexit. Although everything can be twisted in both cases at any time, it seems that there is a will to move forward and solve complicated situations, and that is what the market likes.

"Equity is pausing after having risen thanks to that 'first phase' agreement between the US and China. We are still waiting for more concrete signs that the two sides are moving forward to finally close the pact," said Danske experts Bank On Tuesday, the US trade representative, Lighthizer, said the first phase agreement is "fully enforceable," but other than that, new information about the negotiations has been sparse. "We remain cautiously optimistic that the agreement will be closed in early January, and we see possible obstacles along the way," added the experts from the Danish bank.

Macro data is the main issue of today. Today the US CPI has been published. In addition, in Germany, the December IFO has been better than expected. The business climate rises to 96.3 from 95.1 the previous month and compared to the expected 95.5. The current valuation is at 98.8 compared to the previous 98 and the expected 98.1. Expectations advanced to 93.8 compared to the estimate of 93 and the previous estimate of 92.3. In the Euro Zone, inflation has risen to 1%, its first rebound since June. In the United Kingdom, the CPI rises to 1.5% in November.

Returning to the United States, the House of Representatives hopes to approve this Wednesday if it subjects Donald Trump to an 'impeachment'. The president of the United States has equated this whole process with the Salem trials. The foreseeable thing is that the political judgment surpasses this vote but that the Senate cut cannot pass. On the other hand, Trump hit again this Tuesday at the president of the Federal Reserve (Fed), Jerome Powell, who again asked for a rate cut.

TECHNICAL ANALYSIS

"The losses of 'momentum' (cruising speed) in our Ibex and in the rest of our neighbors is more than evident. Nothing strange on the other hand given the important daily and weekly overbought levels that we have in all stock indexes, both in Europe and Wall Street. Although the latter is still stronger than European stock exchanges, "says José María Rodríguez, technical analyst at 'Bolsamania'.

"Focusing on the case at hand, it is normal that in the short term our Ibex attends a small correction, which somehow leads us to fill (at least partially) the bullish gap of last Friday's session : at 9,468 points, "qualifies the expert.

"It was in that session that we overcome resistance with a significant volume of negotiation. As long as this gap is not closed, or what is the same is canceled, we understand that the bullish bias of Short term is still valid, it remains intact, "he concludes.