- Real Madrid held at Valencia
- Los Che grab late equalizer
- Real stays third in standings
Former Manchester United and England star Neville is still searching for his first win, but this was the best performance by Los Che since he took over, nearly grabbing victory at the death.
Barcelona's disappointing home draw with neighbor Espanyol Saturday had opened the door for Real, but again Rafael Benitez's team failed to take advantage.
The weekend results left its city rival Atletico at the head of the standings by two points from Barcelona and four clear of Real.
Barca, which was involved in the Club World Cup, winning the title, has a game in hand on both its fellow title contenders.
Real twice led, the first time after Karim Benzema scored an early opener following a fine move involving Cristiano Ronaldo and Gareth Bale.
But Valencia leveled on the stroke of halftime as Dani Parejo converted a penalty following a Pepe foul on Andre Gomes.