The Ibex returns to the doors of the key resistance of 9,410 points

The Ibex 35 has closed almost flat after colliding with the key resistance of 9,410 points (+ 0.07%, 9,391.80 integers) on the last day of Mario Draghi. The Italian has been the main protagonist of the market in his last meeting at the head of the European Central Bank (ECB). The monetary agency, as expected, has not announced changes in rates or in its monetary policy.

In his farewell, Draghi has insisted that the eurozone needs the "monetary stimuli to remain for a long period of time" and has appealed to the eurozone countries that have room to "make a greater fiscal effort."

In addition, the Italian banker has pointed out that "the weakness of the manufacturing sector is spreading to the services sector" and that "the main risk is a recession in the economy, either global or in the euro zone." According to his assessment, "the lower probability of a hard Brexit has improved the situation, but the uncertainty is still there."

"It is increasingly clear that there are growing tensions in the ECB Governing Council on the direction of monetary policy and, with Draghi's departure, these tensions are likely to increase when Christine Lagarde takes office on November 1," warns Michael Hewson, director of analysis at CMC Markets in London. In this scenario, the euro depreciates 0.28%, up to $ 1.1098.

Together with the ECB, Brexit has been the other protagonist of the session in the midst of this expected extension by the European Union (EU). Brussels is expected to approve an extension at the end of the week, which gives investors some respite until this happens. The pound falls in value 0.65%, down to $ 1.2832.

To all this we must add the business results. Waiting for Sabadell to inaugurate the season of bank figures in Spain this Friday, it was the Royal Bank of Scotland (RBS) turn today, with net losses of 315 million pounds in the third quarter compared to the profit of 988 million of pounds expected by consensus.

In addition, Tesla also published its figures last night and its titles soar 18% on Wall Street after surprising with its high quarterly profit. Twitter, meanwhile, yields 15% after announcing lower than expected figures in revenue and profit.

Finally, regarding macro data, the October manufacturing and services PMIs in Europe have been published today. In France, both references have been above expectations, unlike in Germany and throughout the Euro Zone.

In addition, in Spain, the summer has left 16,200 less unemployed, the lowest figure since 2012. The Spanish risk premium remains at 64 points and the 10-year bond yield falls to 0.23%. Finally, Brent oil picks up 0.4%, up to $ 61.42.

IBEX TECHNICAL ANALYSIS 35

"This Thursday the Ibex has scored a maximum in the session at 9,448 points, but once again it has been deflated in the final stretch of the session. We must recognize that the 9,400 points are taking a lot of effort. Although if it is to close the weekly bearish hollow of 9,410 points is tomorrow when we have to do it. Little more can be said of an Ibex that has been moving within a very narrow price range for two weeks and not wanting to punch supports, but also not to attack resistances ", says José María Rodríguez, analyst at Bolsamanía.

"Although this in itself does not have to be a bad signal, because we know that to correct / drain the previous rises either it is corrected in greater or lesser depth or it is done consuming time, or what is the same by deploying a lateral movement And for the moment it seems that we are opting for the second of the scenarios, in short, a weekly close above 9,410 points is an important strength signal, since it is something that has been resisting us since May, but even when we can get, we must know that above we have important resistance, such as the annual maximum: 9,588 points, "concludes this expert.