The Ibex (-0.67%) corrects after marking annual highs and doubtful over Brexit

The good harmony between China and the United States, with that 'first phase' agreement already practically done, and the 'Boris Johnson effect', are contributing to encourage the stock markets in recent days. This Tuesday, however, is news that Johnson wants to prevent by law that the transition period is extended and this generates nervousness (the pound falls) because the current term is considered short and that possible prohibition increases the chances of a Brexit without agreement.

On the other hand, it should be noted that the Bank of England (BoE) stress test on banks was published after the London market closed on Monday and all major banks in the United Kingdom passed it for the third consecutive year. The tests also revealed that financial institutions would have difficulty maintaining their liquidity levels without eating dividends and staff bonuses.

On Tuesday, relevant macro references continue to be known after the PMI of last day that analysts describe it as "unimpressive." The United Kingdom has published the October unemployment rate, which remains at 3.8% compared to the expected 3.9%.

On the business level, it is news that Enagás (-0.04%) has increased its stake in Tallgrass up to 30% with a new investment of 836 million dollars. Outside of Spain, we are still talking about Boeing and its decision to suspend the production of the 737 MAX from January. After falling over 1% in yesterday, today it has turned around and records slight increases.

Meanwhile, in the political sphere, France faces a big strike that affects the subway, the railway and all public transport in protest over the pension reform. This Monday Jean-Paul Delevoye, high government commissioner responsible for this reform, resigned. The situation is critical and it is warned that Emmanuel Macron could be taken ahead.

On the other hand, here in Spain Pedro Sánchez's meetings with Pablo Casado and Inés Arrimadas proved fruitless. The media highlights on Tuesday that the Frankenstein government option gains more strength.

TECHNICAL ANALYSIS

"Since the minimum of the beginning of December our Ibex has risen a little more than 6%, so that the corrective candle of this Tuesday means nothing. Nothing would happen if it decided to fill the bullish gap (at least partially) that we left the session last Friday, "explains José María Rodríguez, technical analyst at 'Bolsamania'.

"Then the price rose strongly to the heat of the news about the trade pact between China and the US, as well as the result of the elections in the United Kingdom. In addition, the volume of negotiation that session was very important," he says.

"It would be nothing strange that now the price, in the form of 'throw back', went back to the new support area of ​​approximately 9,500 - 9,530 points. In short, everything is still in order. We must understand that very few times the stocks rise vertically, they do it jaggedly and it would not be strange if we took a short break before continuing to climb positions, "he concluded.