The Ibex (-0.31%) is close to 9,500 points ballasted by BBVA and Telefónica

Ibex has fallen 0.31% in the first session of the week and is getting closer to 9,500 points (9,543). The Spanish selective has been weighed down by BBVA (-1.49%) and Telefónica (-1.33%), two of the values ​​with more weight in the selective. Also by Siemens Gamesa, which has been the most punished company on Monday with a decrease of 2.48%.

The rest of European exchanges have also closed in negative focused on news about the signing of the 'phase one' trade agreement between China and the United States. This will undoubtedly be the main element that will condition the markets this week, however much it may already be discounted.

In addition, investors will remain very aware of geopolitical tension. At the moment, it seems that things have calmed down between the US and Iran, but the tension in the Middle East persists in the face of protests after Iran has recognized that its armed forces mistakenly shot down the Ukrainian passenger plane, killing 176 people. To all this, we add the business results, which begin this week in the US. Very attentive also to the figures of the companies.

"(The results of the banks) will be analyzed in detail to detect any sign of a slowdown in the growth of loans in all areas of the economy. In the previous quarter, most US banks showed that the US consumer is in a rather good way, with lower rates that helped feed a decent loan demand, and JP Morgan Chase posted record revenue in its last quarter, the challenge now will be not only to match its last quarter, but also with an economy slightly weaker" says Michael Hewson, director of analysis at CMC Markets in London.

As for other issues of the day, British Prime Minister Boris Johnson will travel to Northern Ireland next Monday to meet with the leaders of the country's newly formed Executive and his Irish counterpart, Leo Varadkar. In Spain, the 22 ministers of Pedro Sánchez have promised the charge this Monday before the King.

TECHNICAL ANALYSIS

"The downward drip of the last days continues and we already have the index at the doors of the support that gives the bullish hollow of the session of December 13 (last quadruple witch hour of 2019) at 9,468 points. It would be good that this hole is filled, but that does not close or what is the same cancel it out, "says José María Rodríguez, analyst at Bolsamanía.

"Doing so would be a sign of short-term weakness, prelude to another corrective movement that somehow takes you to the base of the bullish channel through which the price has been shifting since last summer. But as long as it doesn't close here nothing actually happens. On the other hand, the daily stochastic moment oscillator begins to approach oversold levels, "he adds.

"In theory, it should limit the risk of further significant falls. For now we are going to look at the above-mentioned bullish hole and at the base of the channel as support levels. Above, by the side of the resistances, the most important at this moment is at 9,700 points ", concludes the expert.