The Ibex (-0.17%) accumulates five sessions in red and stays at the edge of 9,500 points

Ibex has fallen 0.17% this Wednesday, accumulating five sessions in negative and has remained at the edge of 9,500 points (9,511). The Spanish selective has quoted in tune with the rest of European ctocks waiting for the signing of the 'phase one' trade agreement at the end of the market in the 'Old Continent', China and the United States.

The market should welcome this progress in the trade negotiations, but there are still many doubts on the table and there is a feeling that it is only a small agreement that will not change much. It is also evident that the trade war is not over.

"We believe that the negotiations of 'phase two' of the agreement, once the 'phase one' is ratified, will be more complicated and we believe that there is a 50% chance of a permanent agreement before the US presidential elections. The good news is that we have gone from a period of trade escalation to the current 'scaled down', and we do not believe that the US president dares to turn 180 degrees again, since the trade war was affecting the economy of The United States, in particular the very important manufacturing sector and, therefore, harming its chances of reelection, "explain Danske Bank analysts.

COMPANIES AND OTHER MARKETS

Back to the Ibex, we highlight the declines in values ​​closely related to the trade war, such as steel mills (ArcelorMittal: -3.16%; Acerinox: -2.21%). Sabadell, Bankinter and ACS have also fallen sharply, falling over 2%. And positively, Iberdrola (+ 1.97%) has been the most bullish company, followed by Viscofan (+ 1.81%).

In the United States, business results continue to be published. Goldman Sachs falls after gaining 22% less in the fourth quarter and Bank of America also yields despite presenting better than expected results.

On the macro level, the CPI of Spain closed 2019 at 0.8% after climbing four tenths in December. In the United Kingdom, the CPI falls to a minimum of three years in December. On the other hand, the industrial production of the Euro Zone grew 0.2% in November.

And in the market of raw materials, the barrel of Brent has traded with falls of 0.8% at the close of the market in Europe and is paid at $ 63.95. For its part, in the currency market, the euro has revalued 0.3% and is exchanged for $ 1,1157.

TECHNICAL ANALYSIS

"Fifth consecutive session of falls in our selective. Although if we look at the daily chart we can see how we are talking about a slow but continuous drip down. Movement that leads us to very important levels of oversold. Levels that, in normal conditions should favor a rebound. At least in the very short term, "according to José María Rodríguez, analyst at Bolsamanía.

"But the important thing, as I have been commenting in recent days, is that the support of the 9,468 points (bullish hollow of the last four-hour witch hour) remains intact. Yes, this has been filled in but not closed and therefore the Bullish connotations are still there, "concludes the expert.