After a summer of heavy investment saw players such as Radamel Falcao, Arda Turan and Diego brought to the Vicente Calderon, Atletico have shown glimpses of their potential but also suffered some disappointing setbacks.
They impressed during 4-0 defeats of Racing Santander and Sporting Gijon, but were also held 0-0 at home by Osasuna and have been beaten away by Valencia and Barcelona, with Pep Guardiola's men thrashing the Rojiblancos 5-0.
Atletico dropped more points in front of their own fans on Sunday after playing out a goalless draw against Sevilla, a result that left them six points off the leading teams in La Liga and five points off fourth place.
Nevertheless, Manzano, who felt his side should have beaten the Andalusian club who he left this summer, is optimistic that Atletico can compete with teams such as Sevilla and Valencia as they look to finish in the top four for the first time since 2009.
"It's very equal among the teams who are aspiring to be in the top places and each game can decided by the smallest details. A 1-0 win (against Sevilla) would have been the fairest result, the same as against Osasuna, and if it had turned out like that we would be near the top," said Manzano.
"There's still a long way to go and I think that Atletico are up there with Valencia and Seville in all aspects.
"We have had good games against them and we can take a good dose of optimism from that."
He added on his club's website: "Morale is good. The players may be disappointed not to have won a game, but when one gives everything on the field, there is nothing or nobody to blame."