In the stock market, the Spanish summer did not allow the thermometer to climb as high as on the iberian beaches. Over the past two months, Ibex has lost 6.3%, which reduces its 2019 performance to 1.6%, far behind more international markets such as Frankfurt or Paris.
Most of the 35 components of the index are in a negative configuration, except for the two stocks that dominate the annual ranking. First of all, Cellnex Telecom (telecom infrastructure), which gained 10% over the summer period, bringing its overall lead to 72%.
Also completing a qualitative year, Ferrovial (BTP) grew by 12% over the same reference period, thus accumulating 44% since January. On the other hand, the banking sector is filling the index with generalised declines such as Bankia, Caixabank, which exceed 20% loss.
Graphically, in daily data, prices remain under technical pressure. The dropout from the 8870-point zone brought the courses to the lower 8360-point line. The movement was, moreover, valid by a pullback on the old support which became resistance. The danger would be obvious under 8360 points with a downward target of 7650 points. On the other hand, a recovery beyond 9040 points would neutralize the trend, but this scenario is not privileged at this stage of the configuration.