On the weekly chart of the IBEX 35, the index is trading around 17,620 points. This week there have been no new annual highs and, therefore, no new historical highs, although we continue to move very close to that key level located at 17,833 points, which mark the current historical highs of the main selective of the Spanish stock market.
From a technical point of view, we observe slightly decreasing highs and lows in the Ibex 35 compared to the previous week. However, the price has left a wide lower shadow relative to the range, indicating buying pressure within the weekly range and reinforces the idea of stability. The most relevant thing is that the index continues to respect the most important technical references, remaining above both the secondary medium-term bullish guideline, which is born at the lows of early April 2025, and the first relevant short-term support, located at 17,076 points.
Consequently, we are facing a week of little movement and without significant impacts, even from a very short-term perspective. Thus, the bias remains clearly positive and the The most likely scenario for the Ibex 35 is that it continues to record and exceed those annual and historical highs previously mentioned, above the 17,833 points.
We will maintain this predisposition as long as the price does not prove otherwise. In this sense, I would only change my bullish view on the Ibex 35 if there were weekly closings below the medium-term bullish guideline or, especially, below the level of 17,076 points. Until that happens, I insist: without major changes in market behavior, we maintain a positive bias in Spanish equities.
See the analysis of all the components of the Ibex 35 in this link