The Ibex (+ 0.31%) ignores the fresh elections and focuses on the Fed

The Ibex has opted for green numbers and has risen 0.31%. The selective trades above 9,000 points (9,031 points) driven by the vast majority of titles. Investors have ignored this Wednesday the political instability in Spain and remain waiting for the Federal Reserve (Fed) with caution and some nervousness.

The market expects a quarter-point cut in rates by the US central bank. We will have to see if this is confirmed, because what happened with oil can mean a change in the script. We will also have to see how investors react to what finally happens.

In our country, investors inevitably follow the political reality that, although it does not usually impact the stock market. Still it creates an uncertainty that is never good, especially because of the economic situation in Spain and how what is happening affects it.

However, Enagás (+ 3.74%) and Merlin Properties (+ 3.11%) have been the titles that have risen most in the Ibex, while Cie Automotive (-1.82%) and Sabadell (-1, 16%) have been the most punished. In the Continuous Market, the strong increases in Prosegur (9.91%) can be highlighted after its agreement with Telefónica, which will buy 50% of its alarm business in Spain.

The rest of the main European exchanges have also closed with moderate increases. In addition, the market is still focusing on oil, with the Brent barrel yielding 0.36% at the close of the Spanish market, up to $ 64.31. For its part, in the foreign exchange market, the euro is exchanged for $ 1.1065.

In other news, there has been talk today that the appointment of the next governor of the Bank of England will be delayed until after the next election, according to the Financial Times. Thus, the current governor, Mark Carney, could be asked to extend his term. Remember that the Bank of England meets this Thursday.

TECHNICAL ANALYSIS

"Another day of transition in our Ibex, waiting for how Wall Street reacts this afternoon once the market knows the decision of the Fed in terms of rates. And we can say little else of our index that we have not spoken about in recent days "says José María Rodríguez, analyst at Bolsamanía.

"The recent correction is very lukewarm, seems to me small if we compare it with the increases since the minimum of August. The most important control areas at this time, in regard to the very short term, we have the approx .8,800 points (bullish gap at the beginning of September) and as resistance the highs of last week (9,150) and, above all, 9,410 points, "he adds.

"And if we look at our European neighbors we could say that they have barely corrected the latest increases, which together with the significant resistance they present around the corner (the maximums of July) makes us remain cautious in the short term. We know from experiences that excesses, sooner or later, adjust ", concludes the analyst.