The Ibex 35 is at 2.80% of its key support of 8,550

“Everything indicates that it is a matter of time before the Ibex 35 ends up overcoming resistance that it finds in the 9,000 / 9,055 points and the fact that it has been quietly consolidating positions between that resistance and the support of 8,550 points It invites us to think that it is complicated that it ends up losing that support, that on some occasion I have pointed out that if it were yielded it would be best to fasten the seat belts since in that case the door would open to one each at 7,700 / 8,000 points “, explains Joan Cabrero, Ecotrader advisor.

“This range of 9,000 / 9,055 points is the resistance that must be overcome so that the downside risks are removed and the resumption of the uptrend towards the first targets in the highs of the year in the 9,310 points and following in the area can be favored. of the 10,100 points, which is where it was trading before the Covid crash and which on numerous occasions I have indicated that it is the objective to be sought in the coming months, “the expert continues.

“Until that resistance of 9,000 / 9,055 points is overcome, there will be no news from a technical point of view and the risk that even a relapse to the key support of 8,550 points may be seen, whose reach will already be seen as a a very good opportunity to buy a Spanish stock market, “he concludes.

It drops 5 points from Europe in 2021

After several weeks of effervescence, the euphoria for the banks cooled off this Wednesday, when their main references in Spain fell sharply. Behind these falls there are several factors, but one stands out above the others and that is that rumors arose that the ECB regulator, which is ending its talks with Spanish entities, is going to demand a greater amount of capital from several of them, such as They are CaixaBank, Unicaja, Sabadell, Cajamar, Abanca and Ibercaja.

This risk has been joined by the doubts generated by the latest inflation data in the US, which has remained in line with analysts’ forecasts. Bond purchases have skyrocketed, especially on this side of the Atlantic, given the prospect that inflation will take a little longer to arrive here.

Another doubt has been generated as a result of the results of JP Morgan, which at mid-session yesterday lost 2% despite the fact that its results more than met the expectations of the consensus. The downside came in poor loan growth.

Since mid-May, the benchmark index in Europe has reaped higher annual gains than the Ibex and this difference expanded this Wednesday to almost 5 percentage points, after the national index closed the session as the most bearish stock market of the day with a decrease of 0.6%. The EuroStoxx 50, on the other hand, achieved gains of 0.7% boosted by technological, automotive and industrial stocks.

German bond moves away from 0%

September was not a good month for bonds, nor was it a good month for stocks. Excuses to correct were not lacking, but, in the case of bonds, the uncertainty surrounding the withdrawal of stimulus from central banks was one of the compelling reasons that led investors to dump their bonds, causing the decline of their prices and the rise in their yields, which, in many cases, reached their maximums in May and June.

These increased so much that, on Tuesday, a holiday in Spain, the profitability of the German bund itself with a maturity of 10 years was very close to touching 0%, and leaving the negative terrain through which it has been passing uninterruptedly since mid-September. 2019 (closed at the level of -0.086%). This Wednesday, on the other hand, far from taking the definitive step on their way to 0%, investors returned to buy sovereign debt, especially of the core of Europe, and the yield of the German 10-year bond fell, again, to -0.128%.

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