The IBEX 35, on the weekly chart, is trading slightly below 17,000 points, which represents a decline of 0.38% compared to the close on Friday of last week. From the technical point of view, a maximum lower than the previous one and a minimum higher than the previous one are observed, which configures an inside candle or inside bar. This pattern reflects a consolidation phase, without significant movements in price or relevant changes in the indicators.
The market maintains an environment of increased volatility in the very short term, with a weekly MACD still in negative territory and an increase in contracting levels. Consequently, the context remains corrective as long as the Ibex 35 remains below 17,000 points, with special attention to the short-term support of 16,497 points, corresponding to the minimums of the previous week.
If the perspective is broadened, the current correction is proportional both in time and form with respect to the bullish structure that began in April 2025. From those lows, the Ibex 35 advanced more than 60%, while the fall from the highs to current levels is around 11%. It is, therefore, an adjustment that can be considered healthy, as it allows the purge of accumulated bullish excesses.
In short, the week has reflected a transition phase, without substantial changes compared to what was previously observed. The increase in volatility and market nervousness persists, in a context also influenced by geopolitical factors and the rebound in crude oil. Nevertheless, The correction fits within a natural process and is consistent with the medium and long-term trend, which remains solid. Even in the event that an extension of the falls and 16,497 points are breached, it would not be a particularly worrying scenario, since the index has not even reached the 38.2% Fibonacci retracement of the entire bullish stretch that began in April.
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