The Ibex loses 1.8% in the weekly accumulated and returns to 8,500

The Ibex 35 closed the session this Friday with a fall of 0.62%, to 8,730 points, near the highs of the day. With this, the selective has registered a loss in the accumulated of the week of 1.8%, and points to the level of 8,500 points, although it is true that it also loses sight of the 8,800 if you consider all the lurches that has occurred in recent days, in which volatility has had a strong presence.

The selective has been dragged down this Friday by the strong falls in the rest of Europe (of more than 2% in the Paris Stock Exchange), due to the results that the tech giants (Alphabet and Amazon) published last night in the US and after more falls in Asia.

WAVE OF RESULTS

Investors have been watching the business results of the third quarter. Today banks have published their accounts CaixaBank (has risen by 1.3% after winning 19% more through September) and Sabadell (has rebounded by 5.1% after reducing its profit by 62% in the first nine months of the year impacted for TSB migration costs).

The latter was the most bullish value of the session, followed by Grifols (+ 4.8%), which has received the support of analysts from Berenberg, and DIA (+ 2.6%). Regarding the supermarket chain, it should be noted that Goldman Sachs has sold 14.1% of the company's capital, so it has reduced its presence in this below 2%.

On the other hand, the airline holding company IAG (+ 0.03%), which has reported an improvement in its profit of 57.4%, has also presented results today.

As for the falls, they have been leaded by Viscofan (19.55%), after it published yesterday its Q3 results after the market closed; and followed by Acerinox (-8.29%), which did the same this Friday, and Arcelormittal (-3.7%).

CONTINUOUS MARKET AND MACROECONOMY

Outside the Ibex, the titles of Urbas, Abengoa or Vértice have collapsed after the entry into force of the new minimum contribution limit. This is now at 0.0001 after being downgraded by the Sociedad de Bolsas twice: first to 0.001 euros from 0.01 euros and then from 0.001 to 0.0001 euros.

This evening, the S & P agency will decide on the rating of Italy and everything seems to indicate that, as Moody's recently did, it will revise it downwards. "We expect the S & P to change the outlook to negative but keep the rating unchanged, which should have a modest negative impact on the Italian public debt on Monday of next week," they add from Danske.

In addition, in terms of macro data, the first estimate of GDP growth in the third quarter has been announced in the United States. The US economy slowed down between July and September of this year, reaching 3.5%, although it also exceeded market expectations.

TECHNICAL ANALYSIS

José María Rodríguez, technical analyst at Bolsamanía, points out that "one hour before the end of the session the Ibex has re-marked, intraday, new annual minimums at 8,627 points, which in itself can give us an idea about the extreme weakness that our index and European stocks continue to show."

"Not to mention Wall Street, the correction in the stock markets is everywhere, all over the world, let's not fool ourselves, and the problem is that we do not see a clear floor," adds the expert.

"It is true that we have a support area in the 8,500 points, but below there is nothing but 2016 lows in the 7,600 points and although it may seem an unlikely scenario I remind you that at the end of September we were in 9,655 points, that is, 1000 points higher than the current ones ", explains the analyst.

For all this, the uncertainty can not be greater. "In fact, if I look at the Euro Stoxx 50," says Rodriguez, "I'd say it's in full support, at the base of a bearish channel, but if I look at the Dax and the back formation it presents in 'head and shoulders' "I can only continue to bet on the falls, for an additional correction of at least 10%."

"The truth is that today we have no figure of return, or exhaustion of the falls or anything that invites us to be minimally optimistic, which does not mean that sooner rather than later we will witness violent rebounds against the trend", concludes the expert.