The Ibex returns to 8,800 points thanks to the recovery of the banks

The Ibex 35 closes practically flat (+ 0.03%) after deflating towards the end of the session. The recovery of the bank has made the selective remain above the key level of 8,800 points, although the increases have moderated at closing.

The Supreme Court has sent a statement in which it states that it will study whether it maintains its decision on the mortgage tax. It will hold a meeting to decide who should pay the tribute. The banks have started with a significant drop that followed Thursday's after the decision of the Supreme Court that it is they - and not the customer - who take charge of the tax on mortgages.

But after the news, the banks turned around and have reported earnings. Upgrades of 1% for BBVA and more moderate for Bankinter (+ 0.68%), Caixabank (+ 0.66%) and Bankia (+ 0.1%). On the other hand, slight falls for Santander (-0.33%) and Sabadell (-0.13%).

Along with this, Viscofan has led the increases with an increase of 2.48%, followed by Red Eléctrica (+ 1.67%) and Iberdrola (+ 1.65%).

In red, ArcelorMittal closed as the bearish with a fall of 3.93%, followed by IAG (-3.57%) and Acerinox (+ 2.9%). Also losses of 1.42% for Repsol after RBC has cut its rating and reduced its target price.

After these movements, the Ibex ends the week practically flat, with a slight drop of 0.1%.

In the main board the increases of 24% for Berkeley Energy, together with 35% for Pescanova and 13.7% for Euskaltel should be highlighted. The operator is boosted in the stock market after the British Zegona has launched an offer for 14.9% of the company to 7.75 euros.

Meanwhile, the rest of Europe also closes with declines (only the Dax 30 closes in green) and this after yesterday's falls before a complicated session on Wall Street that dragged the stocks of the Old Continent down this morning (the Nasdaq fell 2% , while the S & P yielded 1.44% and the Dow, 1.27%). In Asia, China has risen 2% this morning.

The United States is deciding whether it marks the end of the long bullish period or not; Europe is at the expense of politics (today the yield of the Italian bond has marked levels not seen since 2014); and the Ibex is very conditioned in recent times by the weakness of too many values. Difficult to climb in this context.

On the political front, the week ends with many doubts about Brexit - Theresa May has warned that the negotiations will be "tougher" - while Brussels has accused Italy of having made a "serious breach" of European mandates with its Budgets

TECHNICAL ANALYSIS

The technical analyst of 'Bolsamanía', José María Rodríguez, explains that, despite the fact that the weekly balance of the Ibex "does not show great changes", in fact there have been "strong upwards and downwards" during the week. Thus, "the trend is still bearish", in his opinion. However, the analyst notes that "we have a small ray of light based on this Friday's candle after reaching a minimum in the session at 8,768, clearly closing far from the minimum of the day and from potential support levels" . That is to say, "it seems that the conditions are again in place to build a rebound". A rebound that, according to Rodriguez, that will have to be seen if it is "more than that".

"As you can see in the graph, what we have is a session in the form of a 'hammer', which is given in interesting support levels, as is the base of the bearish channel in which we are immersed and within a correction, almost without rest, of 9% since the end of September ", explains the expert. However, he warns that closing below 8,800 "would place us in a more than delicate situation".

In this regard, the analyst points out that the key is Wall Street, whose indexes have important supports at the lows of last week. "Drilling them would make the whole of the global stock markets very nervous, especially our selective one, since it is still together with Italy the most harshly hit indices by far," Rodríguez concludes.