The Ibex fails to maintain the 9,000 points despite rising 0.4%

The Ibex 35 has not managed to overcome this Friday the psychological level of 9,000 points, despite having increased in value 0.43% in the session. The selective has overcome this border on several occasions throughout the day, boosted especially by Wall Street. But the New York Stock Exchange has turned to the downside, which has caused the Ibex, and the rest of European stock exchanges, to deflate towards the end of the session.

Thus, the selective has closed this Friday at 8,993 points, which at the same time is a cumulative increase in the week of more than 3% and an increase in the earnings with which it started this November. With this, it breaks a five-week run downhill, with its second largest weekly rise in 2018.

Within the Ibex, the companies that rose most this Friday were Indra (+ 3.22%), BBVA (+ 2.62%) and ACS (+ 2.09%). On the other hand, the falls were led by Viscofan (-4.26%), Siemens Gamesa (-2.04%) and DIA (-1.38%).

For its part, Arcelormittal has risen by 0.5% (it has risen by 5% throughout the session) after announcing an agreement for the sale of its finishing lines in Dudelange and Liège with Liberty House. For its part, the conglomerate of airlines IAG has closed almost flat despite having increased by 10% its operating profit forecasts until 2023.

As for the rest of European stock exchanges, the London Ftse 100 and the Portuguese Psi 20 have ended the session with losses (softer in the English index), while the French Cac 40 and the German Dax 30 have risen in value by 0.4% and 0.6%, respectively.

TECHNICAL ANALYSIS

José María Rodríguez, technical analyst at Bolsamanía, points out that we ended the week with increases of 3% in the Ibex, but "without anything changing significantly". "Or at least, at the moment we do not have confirmation of it," laments the expert.

"At the moment, a simple rebound within an important corrective phase that has actually been lasting since the end of January, but this does not mean that, perhaps, we can face more than a rebound. Euro Stoxx 50 are bouncing, at tick, from the base of the bear channel through which they have been moving since the end of January, and we already know that at the base of a channel they buy, they do not sell, and we also like to insist on the fact that sometimes it starts with a bounce and ends up being something more than that, but for that we need time to pass, the price will tell us, little by little, what it wants to do ", explains Rodríguez.

"What we know is that last week's lows can be part of the end of a correction, and if that is the case, it means that the falls may have ended, this potential scenario would only be invalidated if in the next sessions / week the October lows are drilled, so let's let the rebound continue (with its intermediate falls) until we see where it runs out, now the first important resistance is at 9.163 points, where we have an important bearish gap. The most important one is in the area of ​​the 9,500 points.

POSSIBLE TRADE TRUCE

It should be remembered that the increases this Friday could have been higher. However, the New York Stock Exchange has turned downhill, which has also discouraged European markets. In these moments it falls an average of 1% in its three main indices.

However onThursday, a tweet from Donald Trump on China encouraged Wall Street. The US president claims to have spoken with Xi Jinping, his Chinese counterpart, about different issues and, especially, about trade. And, according to Trump himself, he has good prospects for the next G-20 meeting in Argentina. The optimism also has moved this Friday to Asia, with a major acceleration of the main European stocks.

US EMPLOYMENT INFORMATION

At the macroeconomic level, the employment data for the month of October has been known in the United States, in which 250,000 jobs were created. The unemployment rate remains at 3.7%.

The markets will be very aware of any news about commercial tensions. In addition, the results of the bank tests of the European Banking Authority (EBA) will follow. Santander, BBVA, CaixaBank and Sabadell will be able to evaluate their capacities in an exercise based on more severe scenarios than those carried out on previous occasions from which Bankia has been relieved of facing.