IBEX 35: opening near all-time highs at the start of H2 2026IBEX 35 Cash IndexACTIVTRADES:ESP35ActivTradesIBEX 35: opening near all-time highs at the start of the second half of the year Ion Jauregui – Analyst at ActivTrades The IBEX 35 starts the session on 1 July 2026 remaining at historically elevated levels, trading in the early hours around 19,383.48 points, after having recently reached an all-time high of 19,587.20 points, while the market digests a combination of macroeconomic references in Europe and the United States, including manufacturing PMIs, the US ADP private employment data, and signals coming from the ECB. The Spanish benchmark closed the previous session at 19,471.9 points, consolidating a significant advance over the year and maintaining a clearly bullish structure within a market environment characterised by stable sector flows and high sensitivity to technical levels. From a technical perspective, the index continues to be supported by an upward-extended moving average crossover, which confirms the persistence of the primary trend. However, momentum indicators are beginning to reflect a more demanding phase. The RSI stands at 69.94%, in overbought territory, while the MACD remains above its signal line, with a positive and increasing histogram, suggesting that bullish momentum is still active, although with less immediate room for expansion without consolidation. In terms of technical levels, the market is watching the all-time high at 19,587.20 points as immediate resistance, the break of which would confirm continuation of the bullish leg. On the downside, the first relevant support is located at 18,575 points, followed by more structural levels at 16,688.72 points (S2) and 15,755.98 points (S3), the latter considered a key support within the medium-term range. The current configuration reflects a market in an advanced stage of trend, where the structure remains bullish but with an increasing dependence on the index’s ability to consolidate above key technical resistance zones without deteriorating momentum. In this context, the IBEX 35 maintains a positive short-term bias, although with a higher probability of sideways movements or profit-taking episodes after the strong rally towards all-time highs. ******************************************************************************************* The information provided does not constitute investment research. The material has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and such should be considered a marketing communication. All information has been prepared by ActivTrades ("AT"). The information does not contain a record of AT's prices, or an offer of or solicitation for a transaction in any financial instrument. No representation or warranty is given as to the accuracy or completeness of this information. Any material provided does not have regard to the specific investment objective and financial situation of any person who may receive it. Past performance and forecasting are not a synonym of a reliable indicator of future performance. AT provides an execution-only service. Consequently, any person acting on the information provided does so at their own risk. Political risk is unpredictable. Central bank actions can vary. Platform tools do not guarantee success.