The IBEX 35 moves around 15,793 points and accumulates a weekly decrease of –3.38% in a context marked by a progressive deterioration of technical indicators. The weekly chart analysis shows a candle with decreasing highs and lows, which also reinforces the broad upper shadow left the previous week, a pattern that is often interpreted as a symptom of bullish exhaustion.
The index thus approaches an area of technical relevance. On the one hand, threatens the breakdown ofmedium-term upward trenddrawn from the minimum recorded in April 2025. On the other hand, it is located very close to the last rising lowlocated in the 15,750 pointswhose breakdown at the weekly close could activate a short-term corrective movement.
The simultaneous loss of both references would open the door to a tertiary correctionsupported by a rebound in volatility and possibly accompanied by bearish signals in the weekly MACD, an indicator that continues to reflect extremely overbought levels after months of bullish strength.
If this corrective phase is deployed, analysts would not consider it negative. A setback would allow purge excessesaccumulated during the previous rally and would fit within a solid bullish structure both in the medium and long term. In fact, a drop towards the 38.2% Fibonacci retracement of the momentum started in April —area located between 14,645 and 14,720 points— would imply an additional correction from -6.7% to -7.2%, still compatible with the main upward trend.
The current situation invites monitor weekly closings under the ascending directive and below the 15,750 pointslevels whose drilling would confirm the beginning of a broader correction that could extend to the set of selective securities in the coming weeks.