The Ibex breaks its bullish streak and loses the 9,900 points

The Ibex 35 ends its bullish run of the last days. The national index has experienced a correction on Tuesday and has yielded 0.38%, to 9,889 points, hurt mainly by the bank and its 'great values'. This, after Wall Street closed last session with outstanding increases of 1% on average, which continue today and also positive numbers in Asia this morning.

In fact, the Spanish stock market has been the only one in the Old Continent that has ended the day with losses. The rest of European parks have registered increases of between 0.3% and 0.6%.

BBVA, ONE OF THE WORST VALUES

The Ibex has been harmed, above all, by the listed banks and their 'big values'. The values ​​that dropped the most on Tuesday were Cie Automotive (-3.06%), BBVA (-2.45%) and Bankia (-1.95%). The Basque entity has suffered today the consequences of the last collapse of the Turkish lira, as the Eurasian country is one of its main markets, and has become the 'red lantern' in much of the session.

Regarding Bankia, it should be mentioned, on the one hand, that it has broken its alliance with Aviva Europe and, on the other, that Nadia Calviño, Minister of Economy and Business, has declared that there is no "urgency" from the Government to sell its share of the capital of the bank "in light of its listing". Likewise, on Monday it was known that the entity registered a new maximum of short positions in its capital.

Meanwhile, the rest of the banks have also experienced important falls. In addition, other 'large securities' of the Ibex, such as Telefónica and Inditex, have experienced falls of 0.47% and 0.1%, respectively.

OTHER COMPANIES

For its part, Arcelormittal has lost almost 0.4% despite having received an improvement in its forecasts by Citi analysts.

Meanwhile, the most bullish value of this session was Mediaset (+ 2.32%), which seems to have recovered from the setback it received yesterday from Deutsche Bank analysts. They were followed by Técnicas Reunidas (+ 1.57%) and Merlin Properties (+ 1.56%) at the top of the table.

In addition, in the Continuous Market, Duro Felguera has extended its strong gains from yesterday's session after shooting up to 47.25% on Tuesday.

MACROECONOMY

However, the policy remains the main focus of interest in the stock markets, and especially what is happening in the United Kingdom. Late Monday, Foreign Minister Boris Johnson resigned, a decision that was expected (and feared) and that deepens the country's political crisis. For now, however, the pound remains stable. The currency seems to be positively evaluating that Theresa May has defined her strategy for Brexit ('soft') and that, for the time being, she is dedicating herself to naming substitutes while remaining in power. Time will tell if this situation reaffirms her in command or takes her ahead.

"Brexit is currently being ignored by continental European stock exchanges, and the swings that are taking place in the negotiations between the United Kingdom and its EU partners are only being reflected in the foreign exchange market, especially as regards As the deadline for the Brexit, as early as 2019, approaches and as the process continues, as we are now, we understand that investors will refocus their attention on it. and in its potential negative consequences for the economy of the EU as a whole, "the experts of Link Securities point out in their daily report.

For now there is no news on the trade crisis between China and the United States after the mutual imposition of new tariffs last Friday, which is good news considering that tensions between both were expected to rise after get this measure going

"The markets will remain very aware of the news / rumors that are known about the commercial conflict between the US and China, pointing out that yesterday German Chancellor Merkel, taking advantage of her meeting with Chinese Premier Li Keqiang, criticized the protectionist policies and advocated the free market, in a clear reference to the position of the US Government in which, on the other hand, we do not believe that these comments will cause 'a lot of pain' ", experts from Link say.

In the macro data plane, this Tuesday the German ZEW of July has been published, which has been worse than expected. The current situation ZEW has fallen to 72.4 from 80.6 and against the forecast of 78.2. For its part, the economic sentiment ZEW has been -24.7 compared to the previous -16.1 and the estimate of -18.0.

TECHNICAL ANALYSIS

José María Rodríguez, technical analyst of Bolsamanía, remembers that this has been the "first session of falls after five consecutive closing in green numbers". Of course, he explains that "this does not have to worry at all, At least not yet".

"That said, the precision with which the Ibex has braked, at the doors of finger stroking the resistance of 9,985 points, the maximum of June, was the highlight of Monday's maximum was marked at 9,971.6. points, which means that the Ibex has four decreasing highs since the end of January, and below, on the support side, we already know that we have three growing lows, which is why we say that our index is triangulating, "he explains. expert.

"The problem now is that there are many resistances above. In fact, it can be said that within the range between 9,985 and 10,100 points (the upper part of the triangle) there are many areas of resistances that come together, and it will not be easy to overcome them without the support of the banks, "adds Rodríguez.

"Somehow, BBVA has canceled the good short-term aspect that it presented this morning, because we had a small figure back on 'double floor' that has been canceled, it has gone to the bottom. energetics, Inditex and Telefonica are being able to neutralize the weakness of the banking sector, being able to surpass the highs of June (9,985), it would seem that something could be starting to change (for good) in our Ibex, since it would be the first maximum increase since the end of January ", concludes the technical analyst.