The Ibex rises 1.8% in the week but does not reach 9,600 points

The index, like the rest of European and world stock exchanges, has thus recovered from the moderate falls from yesterday due to the trade war between China and the United States, along with the umpteenth political scandal unleashed in the North American country.

Within the selective, the most outstanding value was the supermarket chain DIA (+ 4.62%), after the company announced this morning the relief of Ricardo Currás as CEO of the firm. Antonio Coto will be, from now on, his substitute.

The profits were followed by Arcelormittal, a company to which investors have paid special attention for their efforts to buy the Italian Ilva, and Cie Automotive.

In contrast, the falls in the selective have been led by Inmobiliaria Colonial, Red Eléctrica and Cellnex Telecom.

OTHER STOCKS AND JACKSON HOLE

The rest of European stock exchanges, on the other hand, have ended the week with gains similar to those of the Ibex. Meanwhile, on the other side of the pond, Wall Street sets new records in its main indexes after the statements of Jerome Powell, president of the US Federal Reserve (Fed) at the Jackson Hole symposium.

In particular, the central banker has defended once again the gradual rise in interest rates that the institution is carrying out. Powell sees it as appropriate, since, in his opinion, there is no "high risk of overheating" in the US economy.

CHINA AND THE US CONTINUE TO BE THE MAIN FOCUS

Thus, the gains come on a day after the three major indices of the New York Stock Exchange closed with falls (Dow Jones -0.30%, S & P 500 -0.17% and Nasdaq -0.13%) after the last warning from the president of the United States, Donald Trump.

In the words of the President, "the market would collapse" if a process of 'impeachment' begins, after his ex-lawyer Michael Cohen has acknowledged that during the campaign before the 2016 elections he paid two women hush money who had affairs with Trump.

Experts also point out that, although there is no trial process in the US Congress, the case will take its toll on Trump in the November legislative elections, which are considered a thermometer on presidential management.

Also, the US-China talks on its trade war have caught the attention of investors. These have been frank and constructive, as reported by the Chinese Ministry of Commerce on Friday, but the disappointment has settled in the Asian markets this morning, since no agreement has been reached.

According to Beijing, both parties will release information about the next steps. But the outcome "sends a message to investors that this conflict has no signs of solving itself anytime soon," says David Madden, analyst at CMC Markets.

TECHNICAL ANALYSIS

For José María Rodríguez, a technical analyst at Bolsamanía, "the least thing" is that the Ibex closed this Friday above 9,500, 9,600 or 9,700 points. "I mean with this that although we have small resistances along the way, the really important ones, which if overcome would imply a change in trend (from lateral-bearish to bullish) are still far from current price levels," he explains.

"Only closing above 10,000 points (preferably in weekly candles) we will have the confirmation of the end of the corrective phase started eight months ago leaving the door open to the possibility of returning to the annual maximums (10,650). that we have today are rebounds fruit of the extreme oversold after the falls of last week and little more, "adds the expert.

"At least, it can be said that the last bearish whiplash has slowed down before attacking the important support we have at the annual minimums (9.327) and while this is respected it is possible that in the end we will end up attacking resistances. Focus also on the S & P 500, which although by the minimum has just set a new maximum of all time at 2,873.77 points, ideally, it closes the week clearly above 2,873 points ", concludes the Technical Analyst.