The Ibex goes over 7,000 points driven by tourism and banking but weighed down by Telefónica

The Ibex 35 is up 2.15% to 7,003.90 points, boosted by good sentiment from Asia and new news about coronavirus vaccines. Within the selective they have continued to highlight the strong advances in the values of the tourist sector, to which the banking sector has joined, while Telefónica has been the main drag, with cuts of over 3.8%, due to a reduction in the valuation of Barclays.

The hotels Meliá Hotels and NH Hotel Group have shot up more than 13% after rebounding more than 20% on Monday, thus extending their great rally due to the expected reopening of the European borders for tourism.

Along the same lines, the online travel agency EDreams has rebounded 34%. A very good day also for Sabadell, ACS, Bankia, CaixaBank, IAG, BBVA and Santander, which have closed with very strong profits.

Some regions of Japan have resumed near-normal trading activity, and global hopes for economic recovery have encouraged investors. Japan has lifted its state of emergency in what Prime Minister Shinzo Abe on Monday called a new lifestyle, with the widespread use of face masks and face shields.

"As is customary in the financial markets these days, even the slightest positive news on the Covid-19 front triggers a bullish response," says Jeffrey Halley, an Oanda expert.

The forecast of a gradual recovery in activity continues to be reflected in other assets such as Brent oil, which rebounds 1.8% to $ 36.17. In addition, the euro appreciates 0.73% and changes to $ 1.0976, while the yield on the Spanish 10-year bond remains at 0.69%, almost half that of a month ago.

Today Wall Street recovers normality after the holiday of the last day, like the United Kingdom. The S&P 500 is breaking the 3,000-point resistance, and if it confirms above this level it would open the door to its all-time highs of mid-March.

The latest encouraging macro data has also helped cheer up the market. Last week it was the PMIs and this Monday the German IFO and this Tuesday consumer confidence, which has rebounded in June, partially recovering from the coronavirus shock, according to the index prepared by the research firm Gfk. Regardless, the outlook for the entire second quarter remains "bleak." The data has advanced from -21.1 points registered in May to -18.9 in June.

Also, news about possible vaccines is always well received. The latest has to do with the American company Novavax, which is about to start its first human studies of its experimental coronavirus vaccine, which has also helped to cheer up the stocks.

Novavax, based in Maryland, is one of the biotech companies competing to develop a vaccine against SARS-CoV-2, the virus that causes Covid-19. Two other companies, Moderna and BioNTech (in association with Pfizer) have already started clinical trials.

TECHNICAL ANALYSIS

"We have the Ibex 'sticking its head' above the most immediate resistance, the bearish guideline that joins the declining maximums of the last two months. But even when the sensations are good, we must finish the job, that is, overcome the resistance that we have at the April highs at 7,210 points, "explains José María Rodríguez, analyst at Bolsamanía.

"Only above this resistance will we have the confirmation of a new bullish section with a target of 8,000 points (retracement / proportional adjustment of 50% of the entire previous fall). And with this and with that we would continue talking about a rebound within a higher order corrective phase. The same cannot be said for the Dax or the S&P 500, which are much stronger than our selective, "adds this expert.