The Ibex (-0.02%) closes flat after hitting the 9,260 points again

Within the selective group, there were increases in Cellnex (+ 2%), for the second consecutive day, and Merlin Properties (+ 1.5%), in addition to AENA (+ 1.2%).

Telefonica has also stood out among the most bullish values ​​with a rise of 0.9%, after having launched on Tuesday a bid to repurchase two hybrid bonds in circulation, whose total amount amounts to 1,6bn euros.

The most bearish value of the session was Ence, which fell by 3% at the close, followed by Indra Sistemas, with a fall of 1.9%.

Red Eléctrica, with a fall of 2%, was the third most bearish value on Tuesday after a reduction of Deutsche Bank. The German bank has cut the target price (from 18.2 euros to 16.3 euros per share, compared to the levels of 18.73 euros in which the title is listed) and its recommendation (from 'maintain ' to sell').

Naturgy, meanwhile, advanced 0.2% to close after its CEO, Francisco Reynés, said that the energy company plans to invest 2bn in 2019, 70% destined for Spain.

In the Continuous Market, he highlighted the important fall in Talgo (-10.6%), after the Spanish private equity firm MCH Private Equity announced that it has sold 9% of the company's capital through an accelerated placement process among institutional investors.

TECHNICAL ANALYSIS

"In view of the daily chart it is easy to see how the Ibex has been moving laterally for a couple of weeks within a narrow range of prices, with support at 9,140 points and resistance at 9,300 points as a round figure, and after so much drilling up and down the control area of ​​which we have talked so long (the 9,260 points) can be said that, little by little, is losing relevance ", explains the technical analyst of Bolsamanía, José María Rodríguez .

"This does not mean that we have to fall hard in the short term, in spite of the slight decreases of recent days we continue to have minimum and maximum increases. We must keep doing one thing: go up, slowly, so that either we break the 9,300 points as soon as possible and at closing prices or we can stay sideways, without a clear course. Rarely prices continue to climb positions with daily overbweight levels and with the stochastic crossed to the downside ", defends Rodriguez.

"Therefore, and summarizing, we can say that at the moment no support has been drilled, but we are not able to attack the 9,300-point zone either, the daily overweight is still important in the short term and this makes us cautious, but at the same time the rebound started at the end of December still shows no signs of exhaustion, do we lose momentum? Yes, but the price always commands and this continues pointing to the upside, building minimums and increasing maximums, concludes the analyst .

WAITING FOR AGREEMENT BETWEEN WASHINGTON AND BEIJING

In the absence of new news about the trade agreement, on which there are contradictory versions at this point of the negotiations between Washington and Beijing, Wall Street recorded soft falls at this time. The key date will take place at the end of March, with a summit in which both powers hope to close an agreement that the market already seems to have lost hope in.

During the night, more macro data was published in China that doe not invite optimism as they were references that continue confirming the slowdown of the Asian giant. In addition, the country has admitted the economic slowdown in the framework of the National People's Congress.

"The fact that the Government of China has formalized the reduction of its growth expectations for 2019 will be analyzed by investors, who will remain very aware of the news leaked about the trade negotiations between this country and the US", they say from Link Securities.

"The high level of overweight levels and the low trading volumes of recent months are a 'bad combination' to overcome the significant resistance to which many values ​​and indices face after two months of strong increases", warn these experts.

As for other aspects, Tuesday started with the news of the release from prison, on bail, of the former president of Nissan, Carlos Gosh. In the macro level, the PMI index of the total activity of the Euro Zone, prepared by the consultancy Markit, indicates, corrected for seasonal values, an increase to the 51.9 level of 51 registered in January and reached its maximum of three months. In fact, the index was above its previous estimate for February of 51.4.