The Ibex closes a great month of January with a rise of 6% and holds the 9,000 points

The Ibex 35 has dropped 0.16% to 9,056.70 points, pressured by the bad behavior of banks. The European banking sector has dropped 2% this Thursday, a day after the Federal Reserve (Fed) has stated that it will be "patient" when it comes to raising interest rates.

However, after completing its fourth consecutive week in positive on Friday, the selective has risen 6% in January and advances 9% from the lows of December.

Just like this Wednesday, Santander (-1.6%) has once again been one of the biggest losers for the Ibex. After publishing some results that have not convinced the market, the shares of the Cantabrian entity continue to fall after not having been able to overcome the significant resistance of 4.40 euros.

Another negative news for European banks is that the European Commission has sent charges to eight banks, whose identity has not been revealed, which it accuses of practices to distort competition in the market of public bonds issued in euros by the countries of the eurozone, as reported on Thursday in a statement.

In addition, tomorrow BBVA (-1.67%), CaixaBank (-1.73%) and Sabadell (-2.83%) publish results. This Thursday, Liberbank (+ 1.05%) reported a profit of 110m euros in 2018 compared to the losses of 259m in 2017.

In the Ibex, another value that has also been a great burden has been Telefónica (-1.15%). In contrast, Cellnex (+ 2.5%) led the losses, followed by Repsol (+ 1%), Iberdrola (+ 0.8%), Endesa (+ 0.8%) and Inditex (+0.5). %).

BREXIT, CHINA AND USA

Together with the Fed, the market is still very focused on Brexit and also on trade negotiations between China and the United States. The president of the United States has lowered the optimism of the market and said Thursday, via twitter, that it will not secure any agreement with China until it meets soon with Xi, so an agreement resulting from this week's talks is ruled out.

As for Brexil, the 'no' of the European Union to renegotiate the agreement of Theresa May leaves the door even more open to a 'hard Brexit'. This has been recognized even by the President of the European Council, Jean-Claude Juncker.

Moreover, today, the results published on the other side of the Atlantic yesterday, such as Tesla and, above all, Facebook, which increased its turnover by 37% and whose shares soar by 10% are still kicking about. "Facebook reported revenues that exceeded estimates, as advertisers chose to stay with the company despite the scandals, daily active users rose by 9%, including an increase in more mature markets such as Europe. The reality is that advertisers would have a hard time finding an audience of this size in another place and for that reason they are staying with the technology giant even though their name has been swept away by the mud, "Jasper explains. Lawler, responsible for analysis of the London Capital Group.

Finally, in the macro data chapter, the CPI of Spain has dropped two tenths in January,down to 1%. GDP, on the other hand, grew 2.5% in 2018. Regarding unemployment in Germany, it remained at 5% in January, in line with expectations. In the Euro Zone, GDP grew 1.8% in 2018 while unemployment last year dismissed 7.9%, its lowest level in a decade. In addition, Italy has officially entered recession by chaining its GDP two consecutive quarters in negative.

In other markets, Brent oil rose 0.9% to 62.23 dollars. And the euro's price fell slightly by 0.18% in its cross against the dollar, down to $ 1.1461. Finally, the yield on the Spanish 10-year bond falls 5% to 1.195%, while the Spanish risk premium drops 3.8% to 104 points.

TECHNICAL ANALYSIS OF THE IBEX 35

"Despite the falls of this Thursday, the index closes far from the lows of the session, at the beginning of the bullish gap (support) that our selective presents within the price range between 8,910 and 9,070 points. we find ourselves at this moment much closer to the first support than the key resistance of 9,260 points, "argues José María Rodríguez, an analyst at Bolsamanía.

"But the most interesting thing is that if we surpass in the next sessions (although I would like the correction to be somewhat deeper) the maximums of last week, we would have a potential formation of bullish implications in 'head and shoulders' invested in our Ibex. For greater reliability of the movement it would need to be accompanied by Santander over the resistance of 4.39 euros, "adds this expert.

"On the other hand, very attentive to Wall Street, because although it is true that we have the Dow Jones and the S & P 500 in the middle of the bearish direction, the Nasdaq is very strong and is beginning to 'poke its head' over an important resistance. And we already know that the index of the technology usually acts quite well as the leading index of Wall Street.", concludes Rodríguez.