IBEX 35 Futures Forecast December 6, 2012, Technical Analysis

The IBEX futures had a very quiet session during the Wednesday trading day as we continue to hover just below the €8000 level. Looking at this chart, it just seems tired at this point. However, there is an argument to be made that the €7800 level is starting to show significant signs of support. If that’s the case, that we could have a breakout but we really don’t consider the last of the resistance overcome until we get above the €8200 level. This is a very sloppy looking chart, and with us being at the very end of the trading year, it’s hard to believe that there will be a sudden urge to take extreme risk like needed to push this market higher. With this in mind, we think that eventually we will breakout, but it will take more positive news out of Europe, and possibly less negative news out of United States.