The Ibex rebounds 0.66%, but does not avoid a weekly loss of over 1%

After the sharp fall yesterday, the Ibex has rebounded 0.66% this Friday, to 9,174 points. Even so, it has not managed to avoid the weekly losses of 1.14%. The stocks have lived a complicated week, which has been marked, again, by the two major issues of this year 2019: the commercial war and Brexit.

Regarding Brexit, the Prime Minister has announced that she will resign as leader of the Conservative Party on June 7 and that she will continue as prime minister until they choose another person, because it has become clear that she cannot deliver Brexit. Experts agree that the departure of May increases the chances of a hard Brexit.

As for Huawei and the trade war, Donald Trump has said that the case of the Chinese technological giant could be part of the trade agreement. It does not escape anyone that Huawei has been 'the scapegoat' in this contest between the two great powers and that, without doubt, Trump is using it to put pressure on China. For the moment, the US president has signed this morning aid worth 16m dollars for American farmers, who are being hit by the trade war.

ARCELORMITTAL, ENCE, SIEMENS GAMESA, IAG ...

Investors are still watching those most affected by the trade war and Brexit. IAG stands out negatively, that although yesterday managed to end the day in positive after suffering for many seasons, today it has been the worst value of the Ibex with a fall of 2.14%.

Also important is the hit that ArcelorMittal or Cie Automotive have suffered this week. The steelmaker has managed to quote this Friday in positive, with a rise of 1.09%, while the manufacturer of automotive components has increased its falls after yielding 0.42%. We must not forget Banco Sabadell, directly affected by Brexit and which today loses 0.15%.

In other markets, the Brent barrel, a benchmark in Europe, suffered a 5% drop yesterday and today, despite having rebounded during a large part of the session, it has extended the losses at the close of the Spanish market, falling below the 68 dollars. This confirms its inability to avoid its largest weekly fall in 2019. For its part, the euro increases its value 0.22% and is exchanged for 1.1205 dollars.

TECHNICAL ANALYSIS

"Despite closing in green numbers we are getting the message that the market is still wounded, still weak, because after all we have filled almost completely the bearish hole this Thursday and from there we have come down , we have deflated, not to mention that we have more and more resistance along the way, "says José María Rodríguez, analyst at Bolsamanía.

"Before we had, above all, the 9,410 points and now we have yesterday's bearish hole as well as the weekly highs at 9,335 points, and at the bottom we only have 9,025 points, lets cross our fingers so that they are not punctured or we will have the confirmation of a second bearish leg, with targets in the 8,940 points (50%) and the 8,800 points (61.8% of adjustment / setback), "he adds.

"If we have to highlight a couple of things of what happened in the markets this week, technically speaking, we have the clear drilling of supports in the banking and automobile / automotive European indexes", concludes the analyst.