The Ibex (-1.3%) restrains its impeccable bullish streak but maintains the 9,000 points

The Ibex 35 has fallen by 1.34% to 9,062.40 points, so it moves away from the key resistance of 9,260 points (November and December highs). After completing its fourth consecutive week in positive on Friday, the index had increased in value by 7.5% in January (11% from December lows) but this Monday it has taken a breather in a week that comes loaded with references .

The results will be the main focus this week (today Bankia has presented (-1.58%), which has improved its profit by 39.2% in 2018 ) and Brexit will share the center stage in Europe as the second vote in Parliament on Theresa May's plan comes closer taking place on Tuesday.

The day was especially bearish for Bankinter (-3.48%) and Siemens Gamesa (-3.47%). Also for Amadeus (-3.32%) and Banco Sabadell (-3.1%). Although the main burden for the Ibex was Inditex (-2.19%), followed by Repsol (-1.83%), Santander (-1.67%), BBVA (-1.11%) and Telefónica (- 0.41%).

On the positive side, very few securities within the Ibex: only Merlin Properties (+ 0.7%), ArcelorMittal (+ 0.5%), ACS (+ 0.4%), Colonial (+ 0.3%) and Acerinox (+ 0.2%). And in the Continuous Market, the gains of Solaria (+ 12%) and Oryzon (+ 11%) and the losses of Coca Cola European Partners (-3.8%) and Prosegur Cash (-3.5%) stood out.

The week brings a multitude of references given that, in Spain, the figures of all the major banks will be published (Santander, on Wednesday, BBVA, CaixaBank and Sabadell, on Friday).

In addition, there will be meeting of rates of the Federal Reserve (the decision will be known on Wednesday). And all this after a new chapter of Brexit is lived on Tuesday.

"This comes when the US government has put an end to a closure that has lasted 35 days - the longest in history - after Trump agreed to sign a short-term spending bill to finance the government for three weeks. As negotiations on border security continue, it's hard not to see this as a bitter defeat for the president in the short term, since polls indicate he is held responsible for 800,000 workers who have lost their salaries, "says Craig Erlam, Oanda expert.

According to Erlam, this week full of references could become considerably volatile, although he acknowledges that the Fed's decision on Wednesday "may be the least shocking" of recent times. "The central bank has already indicated that it will take a more patient approach to toughen its policy, but there will be a press conference that could be interesting, as Powell has agreed to make one after each meeting as of this year.", he explains.

The analysts of Danske Bank add, meanwhile, that this week all eyes will be placed on the trade talks between China and the US that will take place between Thursday and Friday. "Negotiations are entering a crucial phase in which prickly issues are likely to arise," they warn.

In other markets, Brent oil falls sharply 2.6% to $ 60.01, after US operations have increased. For its part, the euro increased in value slightly 0.2% against the dollar, up to $ 1.1436. Finally, the yield on the Spanish 10-year bond eases slightly to 1.22%, while the Spanish risk premium drops 4% to 101.80 points.

TECHNICAL ANALYSIS OF THE IBEX 35

"The Ibex 35 has finally stayed at the doors of the important resistance of the 9,260 points, the highs of November and December, so that the maximum of this Friday was marked at 9,225 points and now we have our selective near 9,000 points, "says José María Rodríguez, an analyst at Bolsamanía.

"The fall this Monday is important but in reality things do not change much, everything is more or less the same, in fact we could expect a correction / proportional adjustment of the rallies after an 11% rally from the December lows. more when we have the Wall Street exchanges at the door of significant resistance, as are the bearish guidelines from the historical highs of last October, "adds this expert.

"Now we have to see where the correction can be stopped and above all, and most importantly, it is vital that the December minimums are not drilled, that is where the key lies for a bullish trend for our selective, at the gates of the 9,260 points of the Ibex and the 4,40-4,45 euros of Santander (the upper part of the last year's bearish channel.) Both have stopped in their tracks where we could wait ", concludes Rodríguez .