The Ibex 35 loses the 9,700 points pushed by Telefónica

The Ibex 35 lost this Tuesday the level of the 9,700 that managed to overcome in the session yesterday. The selective has lost 0.37% to 9,691 points. The index has been pushed throughout the session by Telefonica's declines, which have prevented the index from rising further.

The 'teleco' presided by Alvarez-Pallete, although it already quotes 'firmly' above 8 euros, has dropped this session by 1.75%, to 8.04 euros per share. It is worth remembering that this Monday he announced that he will invest 6.585 million euros in Brazil between 2018 and 2020. The president of Telefónica Brasil, Eduardo Navarro, highlighted the "strong position" of the Vivo brand in the Brazilian market, where it leads the mobile phone market of high value.

Another of the 'blue chips' (or 'heavyweights') that has can also be highlighted this day is Inditex, which tomorrow will present its 2017 results. The company expects these figures with a drop of 0.70%, to 24.14 euros per share.

Despite this, the 'red lantern' of the session was the supermarket chain Dia (-2.42%), followed by Mediaset (-2%), which this Tuesday has suffered a cut in its rating by the JP Morgan experts.

On the other hand, the highest values ​​of these sessions were Técnicas Reunidas (+ 0.81%), Arcelormittal (+ 0.80%) and Inmobiliaria Colonial (+ 0.67%).

INFLATION, MACROECONOMIC FOCUS

Inflation has returned to the scene on Tuesday with the US CPI of February, which has risen by 2.2% compared to the previous 2.1% and the estimate of 2.2%.

"Today's inflation data is likely to add more color to the US 'inflation picture." However, they will surely not bring more clarity to the general puzzle of the inflationary outlook, given that the Fed does not use the CPI as its inflation benchmark. However, it is still a useful indicator to establish when and how the pressures on prices that we have been accumulating in the supply chains of the US begin to filter into the economy in general, "said Michael Hewson, director of analysis at the beginning of the year. CMC Markets in the United Kingdom.

Meanwhile, the Ibex reduces its profits at this time but continues to rise after closing positive yesterday, supported by the power companies and Inditex, which added 1% up. The textile is now revalued by 0.6%. This Tuesday it has a meeting with journalists to anticipate some aspects of the results, which it will publish this Wednesday. The figures of the Galician company have raised much expectation after Inditex collapsed on February 23 after anticipating analysts that these would be below expectations.

Finally, note that Wall Street closed on Monday with moderate movements and mixed sign (Dow Jones: -0.62%, S & P: -0.13%, Nasdaq: + 0.36%) and that in Asia has also seen a different behavior. It should be noted that in Japan (Nikkei: + 0.66%), Prime Minister Shinzo Abe faces strong pressure due to suspicions of covering up a corruption scandal that has besieged the government for more than a year, reports Reuters.

TECHNICAL ANALYSIS

"Let's not kid ourselves, there’s no comparing the movement of the Ibex during the first hours of trading with that of the close," says José María Rodríguez, technical analyst at Bolsamanía. "The candle that we leave at the close is anything but bullish," he adds.

"Thus, the rebound that has led to a maximum in the session at 9,811 points has only served to partially fill the gap in the session of March 1 and little else. It does not even close the gap of the session of day two in the 9,740 points, 'gap' that was filled this Monday in its totality but in fact was not closed ", assures the expert

In his opinion, "the danger of the 'round trip' session today, far from overcoming the resistance of 9,940 points, leaves the doors open to a return to support of 9,500 points and below 9,250 points. In any case and as we said this morning any minimum glimpse of real recovery in our index has to be able to overcome the significant resistance of 9,940 points.”

"And in the meantime, any recovery in prices will fit perfectly within the typical rebound due to overbooking, and tomorrow we will pay special attention to the results of Inditex before the opening of the market," Rodríguez concludes.