Merval Recovers 0.5%, Holds The 200-DMA - Rio Times

Date

2026-05-21 05:00:44

(MENAFN- The Rio Times)

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Argentina Live Market Board

Live market data
May 21, 05:43

MERVAL 2,788,517 +0.50%

USD/ARS 1,397 -0.11%

YPF 69,800 -2.07%

GGAL 6,235 +4.53%

Instrument	Last	Change	YoY	Prev.	High	Low	Volume
MERVAL	2,788,517	+0.50%	+17.24%	2,774,731	-	-	-
USD/ARS	1,397	-0.11%	+22.22%	1,399	1,397	1,397	-
YPF	69,800	-2.07%	+63.08%	71,275	72,900	69,250	403,714
GGAL	6,235	+4.53%	-15.86%	5,965	6,275	5,980	3,670,776
PAMPA	4,748	-3.16%	+20.47%	4,903	4,995	4,725	1,219,797
TXAR	621.00	+1.47%	-7.13%	612.00	628.50	601.50	841,395
ALUAR	915.00	+0.60%	+21.84%	909.50	930.00	894.50	288,557
TGS	8,510	-5.60%	+15.69%	9,015	9,010	8,460	821,930
CEPU	2,076	-0.43%	+27.24%	2,085	2,100	2,040	765,849
MIRGOR	16,250	-1.37%	-33.02%	16,475	16,450	16,000	5,883
COME	44.00	+1.73%	-42.71%	43.25	44.49	42.45	7,371,320
LOMA NEGRA	3,210	+2.56%	+4.48%	3,130	3,210	3,095	411,841
BYMA	277.00	-0.89%	+36.78%	279.50	283.00	274.00	6,274,224
TELECOM ARG	3,488	+0.72%	+33.97%	3,463	3,590	3,450	170,432
GLOBANT	41.79	+3.83%	-59.33%	40.25	41.80	38.64	1,713,179
MERCADOLIBRE	1,651	+3.53%	-36.54%	1,595	1,662	1,587	525,370

Largest live moves in this report universe

TGS
8,510
-5.60% GGAL
6,235
+4.53% GLOBANT
41.79
+3.83% MERCADOLIBRE
1,651
+3.53% PAMPA
4,748
-3.16% LOMA NEGRA
3,210
+2.56% YPF
69,800
-2.07% COME
44.00
+1.73%

Live cross-market prices, session ranges and volume update through the day, giving each report a richer read on the instruments that matter most for the session.

Thursday, May 21, 2026 · Covering Wednesday May 20 session Summary

Merval Argentina today reflects Wednesday's 0.50% recovery to 2,788,517, bouncing off the 200-day average after Tuesday's pullback. The index reclaimed the moving average, riding the Iran de-escalation relief that lifted the region. The MACD histogram healed toward flat at −3,175. The structural Milei case stays intact beneath.

The Big Three 1.
The Merval closed Wednesday at 2,788,517.13 (+0.50%, +13,785.88 pts), recovering after Tuesday's 1.47% pullback. It rose to a 2,805,089 high and settled above the 200-day average near 2,774,252 - reclaiming the moving-average cluster. A quiet green session that steadied the tape rather than broke it higher. 2.
The recovery rode the regional relief. The Senate move to curb Trump's Iran war powers pulled global yields and oil lower, easing emerging-market pressure and lifting Brazil 1.77%. Argentina, which had given back a third of Monday's surge Tuesday, caught the bid and held its key average. The MACD histogram healed to −3,175, nearly flat. 3.
RSI recovered to 47.38 fast, 44.27 slow - neutral after the pullback. The structural Milei case stays intact: the BCRA building reserves toward its $10B target with the US$20B Treasury backstop, a fiscal surplus, and country risk near the sub-500bps re-entry threshold. The strong peso still compresses dollar equity returns. Merval Close 2,788,517 +0.50% 200-DMA 2,774,252 Reclaimed MACD Hist −3,175 Nearly flat RSI Fast 47.38 Neutral 02 Session Data

Metric	Value	Change	Context
Merval close	2,788,517	+0.50%	Recovered Tuesday dip
Intraday range	2.75M – 2.81M	51,786 pts	Held above 200-DMA
200-DMA	2,774,252	Reclaimed	Now support
RSI fast / slow	47.38 / 44.27	Recovering	Neutral zone
MACD histogram	−3,175	Healing	Nearly flat
Country risk	~500 bps	Near threshold	Sub-500 = re-entry
Regional contrast	Brazil +1.77%	Same relief	Iran de-escalation

Source: BYMA, BCRA, TradingView. Snapshot: May 21, 2026 06:16 UTC. 03 Why It Recovered External Trigger: Regional relief steadies the tape

The Senate move to curb Trump's Iran war powers pulled global yields and oil lower, easing the emerging-market pressure that had built through the week, lifting Brazil 1.77% and helping Argentina recover. For Argentina, lower oil and tighter spreads matter for the bond complex - any de-escalation compresses country risk toward the sub-500bps threshold markets watch for sovereign re-entry.

Local Driver: Milei structure beneath the tape

The structural case holds. The BCRA is building reserves toward its $10B target, backed by the US$20B Treasury swap, on a fiscal surplus and post-midterm reform momentum. Country risk near 500bps is the key fixed-income gauge - a sustained break below would be the most bullish bond signal of 2026. The equity-bond divergence persists.

§04 · Market Commentary

Wednesday was a steadying session, not a breakout. After three capitulation reversals in May and Tuesday's give-back, the +0.50% recovery off the 200-day average is the tape finding its footing. The MACD histogram healing to −3,175 confirms the bearish momentum has dissipated. The index is consolidating above its key average, the regional relief a supportive backdrop.

Country risk near 500bps remains the cleaner read than equities, reflecting international confidence in Argentina servicing its 2026 maturities. The 200-DMA near 2,774,252 is now support; the cluster at 2,795,313 and 2,809,456 caps the recovery. A sustained move above reopens the upper range toward 2,857,373.

05 Technical Snapshot

S&P Merval daily, BYMA. TradingView · May 21, 2026 06:16 UTC

The Merval closed at 2,788,517 after bouncing off the 200-day average near 2,774,252 and settling above it. The high at 2,805,089 met resistance below the 2,795,313–2,809,456 cluster, which caps the recovery toward 2,857,373. Support is the reclaimed 200-DMA, then 2,708,286 below. MACD histogram −3,175 - nearly flat, healing from the pullback. RSI fast 47.38, slow 44.27 - neutral.

Resistance: 2,795,313 → 2,809,456 → 2,857,373 Support: 2,774,252 (200-DMA) → 2,708,286 → 2,623,565 Invalidation: A daily close back below the 200-DMA reopens the 2,708,286 support. 06 Forward Look This week · The 200-DMA Holding above 2,774,252 keeps the recovery intact toward the 2,795,313 cluster. A close below reopens 2,708,286. Ongoing · Country risk 500bps The fixed-income gauge. A sustained break below 500bps would be the most bullish bond signal of 2026 and could re-rate the equity complex. Ongoing · BCRA reserves The reserve build toward $10B with the US$20B Treasury backstop underpins the peso and the disinflation path. This week · Iran and oil A confirmed de-escalation compresses spreads and supports bonds. A breakdown re-spikes oil and complicates the disinflation path. 07 Questions & Answers Why did the Merval recover Wednesday? Regional relief and a technical bounce. The Senate move to curb Trump's Iran war powers pulled global yields and oil lower, easing emerging-market pressure and lifting Brazil 1.77%. Argentina, which gave back a third of Monday's surge on Tuesday, caught the bid and bounced off the 200-day average - a steadying session that reclaimed the key average rather than a fresh breakout. What is the MACD healing telling us? The bearish momentum from the pullback is fading. The histogram healed to −3,175, nearly flat, after Tuesday's dip pushed it negative. A flat histogram means selling pressure has dissipated and the index is consolidating, not trending lower. With RSI recovering to 47.38 and the close above the 200-DMA, the setup has stabilized, though it needs a push above the 2,795,313 cluster to turn constructive. Why does country risk matter more than the index? It reflects international confidence. Equities can rally on domestic flows, but the country-risk spread shows whether global investors believe Argentina can service its 2026 maturities. Near 500bps, it sits at the informal threshold for sovereign re-entry under Milei. A sustained break below would be the most bullish fixed-income signal of the year - a cleaner read than the equity tape. Verdict

Wednesday's 0.50% recovery to 2,788,517 was a steadying session that bounced off and reclaimed the 200-day average, riding the Iran de-escalation relief that lifted the region. The MACD histogram healed to −3,175 and RSI recovered to 47.38 - the bearish momentum from Tuesday's pullback fading. The structural Milei case holds: reserve build, fiscal surplus, country risk near the sub-500bps re-entry threshold. The 200-DMA is now support; the 2,795,313 cluster caps the recovery. Country risk, not the index, is the cleaner signal.

Related: Tuesday's pullback · Brazil's Iran-relief rebound · Mexico clears its gate.

Gate today: 200-DMA 2,774,252. Hold = recovery intact; below = 2,708,286 reopens.

Disclaimer: This report is editorial market analysis based on publicly available data. It is not investment advice. Markets carry risk; consult a licensed professional before trading.