The Ibex 35 index experienced a downward trend over the course of several trading sessions from August 25 to August 29, 2025. Initially, the index fell by nearly 0.4% at the opening on August 25 but managed to hold above the 15,300-point level. However, by midday it declined further by 0.6%, putting the 15,300 points at risk, and closed down 0.8%, losing the 15,300-point support and moving away from a short-term bullish scenario. The decline continued the following day, with the Ibex 35 dropping 0.9% at the opening and falling below 15,200 points, then further to 15,100 points by midday. On August 27, the index opened flat around 15,121 points but lost 0.4% by midday, dropping below 15,100 points, pressured by the banking sector and awaiting Nvidia's results. It closed down 0.6%, moving away from the 15,100-point level. After Nvidia's earnings release, the Ibex 35 rose 0.2% at the opening on August 28 to 15,055 points but then fell 0.1% by midday, risking the 15,000-point level. It recovered by the close, rising 0.3% and consolidating above 15,000 points, supported by gains in the banking sector, with Banco Santander leading with a 2.13% increase. Despite Nvidia's decline and flat performance in Wall Street, the Ibex 35 maintained its position above 15,000 points. By August 29, the index had gained 29% year-to-date, although some Spanish equity funds outperformed with over 40% gains. Market attention shifted to upcoming U.S. inflation data, with the Ibex 35 extending its decline to 0.9% and falling below 15,000 points amid anticipation of the U.S. Consumer Price Index (CPI) release.