The banks react and the Ibex reaches once again the 10,100 points

The Ibex 35 has largely recovered the losses on Monday, when it fell 0.45% to 10,066 points, after rising this Tuesday by 0.72%, to 10,138.80 integers. If in the previous day the bad behavior of the 'blue chips' was what marked the falls, this session the banking sector has been the main 'engine' of the increases.

Good proof of this is that Banco Sabadell has rebounded 3.02% and it has been the most bullish value, followed by CaixaBank (+ 2.42%), ArcelorMittal (+ 1.86%), Bankia (+ 1.78% ), Santander (+ 1.72%), Indra (+ 1.71%) and BBVA (+ 1.64%). Spanish financial institutions have reported a great day, in line with European banks, since the European sector of banks has advanced 1.5%. The rest of the stock exchanges of the Old Continent has risen in line with the Ibex.

Another value that had registered strong losses in recent days, Telefónica, has also increased in value, in this case 0.73%, and tries to leave behind investors concerns regarding the sharp devaluation of the Argentine peso.

In red, very few values. The main burden for the Ibex was Inditex (-1.02%), followed by Gas Natural (-0.9%), the hotel group Meliá Hotels (-0.68%), Enagás (-0.25%) and Amadeus (-0.24%).

ITALY, IRAN ... AND ZAPLANA

In Italy, there has finally been a proposal for a new prime minister. Giuseppe Conte, professor of law, technocrat and apparently of 'docile' profile, to convey the ideas of the 'not so docile' new Italian Government. The risk premium of the neighboring country has skyrocketed to levels not seen since a year ago, when the concern was France and Marine Le Pen. The Italian FtseMIB has risen 0.5%.

The other news of the day has been that 'warning' from the United States to Iran. Secretary of State Mike Pompeo has announced that the Persian country will receive the toughest sanctions in its history. In this scenario, Brent oil rose 1.3% to $ 80.27, while West Texas crude rose 0.55% to $ 72.64.

In Spain, the news of the day was Eduardo Zaplana’s arrest, former vice president of the Valencian Community with the Popular Party and former Minister of Labor of the Government of José María Aznar, for an alleged crime of money laundering.

Zaplana was able to acquire 10 million euros thanks to illegal commissions, he currently worked at Telefónica, which has immediately rescinded his employment relationship with the now detained.

As for the macro calendar of the day, there have been no relevant data, neither in Europe nor in the United States. It should be noted that the negotiations for Brexit resume on Tuesday in Brussels with a very weakened Theresa May and the threat of re-election.

On the other hand, the president of South Korea visits Washington to discuss North Korea before the meeting scheduled for June between Donald Trump and the North Korean leader, Kim Jong-un.

TECHNICAL ANALYSIS OF THE IBEX 35

"What the banks took away from us yesterday, they return to us today, the Ibex closes recovering the ground lost in yesterday's session, for the moment it is a simple rebound after a corrective movement of a higher order: despite the increases in securities such as BBVA and Santander, among others, these are left from the highs of last week by 3.5% and 5% respectively, "says José María Rodríguez, analyst of 'Bolsamanía'.

"Telefonica, which revalues ​​close to 1%, is down from 6% at the end of April, so remain cautious even though the falls in the Ibex of the last few days fit absolutely within of the normal parameters The last falls would come to correct / adjust the previous rises, which boosted the index from 9,800 to 10,300 points ", adds this expert.

"The problem with which we find ourselves at this moment is that the price is quoted in no man's land, far from the resistance of the 10,400 points and the support of 9,940-9,950 points, or what is the same, everything that happens within the price range we have referred to, it will have no technical implications, and meanwhile we have a large part of the European indexes (Euro Stoxx 50 and Cac 40) recovering the levels reached at the end of January, the maximum of the year ", concludes Rodríguez.