The Ibex remains attached to the support of 8,900 after losing 2.46% in July

The Ibex closes July with a monthly fall of 2.46% which places it at 8,971 points. This Wednesday, the selective has not been able to recover from yesterday's hit and has fallen 0.17%, chaining five consecutive sessions in 'red'. The main protagonist of this day was Ence, which has plummeted 11.08% after presenting results.

BBVA (-1.22%) also published its accounts for the first semester this morning, in which it reduced its profit by 3.7%. In addition, those responsible have acknowledged that the Villarejo case is having a clear reputational impact. Meanwhile, Francisco González has unchecked everything that is happening. The credibility crisis that the entity is going through will last for longer than it would hope.

Many other companies have published results today, in addition to these three companies. REE (+ 0.47%) gained 1.5% more in the months up to June, while BME's profit (+ 4.19%) fell 11.8% in the same period. Amadeus, Grifols or Técnicas Reunidas have also announced figures.

Investors continue to look with a magnifying glass at the banks in Spain, especially after the, 3.5% falls on average from yesterday. Attentive to the impact that the performance of the US Federal Reserve (Fed) will have on financial values ​​tomorrow, which will announce its decision on interest rates this afternoon at 20:00 Spanish time.

COMMERCIAL NEGOTIATIONS

In addition to the Fed, the other major issues are China and the United States, and the latest incendiary statements by Donald Trump, which further remove a possible agreement. So far, both powers have been summoned to September to resume negotiations.

These news about the trade agreement are indifferent to Wall Street, which at the close of the Spanish market quotes practically flat. Even so, we must highlight Apple, which after presenting its accounts at the end of yesterday, today increased in value by 4% and its price has again exceeded one billion dollars.

As for the calendar of macro data of the day, there have been many references this Wednesday. Euro Zone GDP has slowed by 0.2% in the second quarter, while the unemployment rate has fallen to 7.5% in June. For its part, the CPI of the eurozone has moderated to 1.1% in July, its worst level since the end of 2016. In Spain, GDP has slowed its quarterly progress to 0.5%.

TECHNICAL ANALYSIS

"We close this Wednesday practically flat, after marking a minimum in the session at 8,946 points and at the gates of the important support of 8,900 (the June minimums). We will see what Wall Street holds at the end after the decision of Fed rates, which will surely make the market move strongly. But where is it going? "says José María Rodríguez, an analyst at Bolsamanía.

"In the Ibex, what we have is a very clear support at 8,900 points. And below we have the 8,780 (61.8% adjustment) -8,800 points (the base of a lateral-bearish channel). That is, summarizing , in the range between 8,780 and 8,900 points, numerous supports come together. On the resistance side, the most immediate one is now at 9,140 points, but the most important of all remains in the same place: 9,410 points, "he adds.

"As for the values, we are getting closer to Telefónica's important support it presents in the bullish hollow of 6.70 euros. And BBVA is also approaching the important support it presents in the December lows (4.35). Santander is trying to hold on to the support area of ​​approximately. 3.90 euros, it is true that it has lost them, but it seems that it does not want to get too far away. The problem is that if the entity does not rebound as soon as possible with force, the December minimums at 3.70 euros are also waiting for him, "the analyst concludes.