The visitors have had much the better of the play against a subdued Atletico, but despite their dominance have been pegged back by the team three places above them.
The match burst into life straight away, with Valencia taking the lead after five minutes. A hopeful cross from the right rebounded and fell at the feet of Jonas, who made no mistake and fired past Thibaut Courtois.
The away side had barely finished celebrating when Atletico equalised. Almost from the kickoff, the ball found its way to Arda Turan, who chipped it to the far post where an unmarked Radamel Falcao was waiting to tap in from three yards out.
Both sides calmed their attacking impetus after that, although it was Valencia who looked more threatening through Ever Benega and Pablo Piatti in particular.
Valencia almost took the lead again shortly before half time but Nelson Valdez inadvertently blocked Andres Guardado's effort, before a good double save from Courtois ensured the scores remained level.
The away side continued to dominate possession but couldn't find another goal before the break.