IBEX 35 Futures Forecast January 24, 2013, Technical Analysis

The IBEX futures market fell slightly during the session on Wednesday, losing about .22%. With that being said, we are still well within the tolerances of the recent consolidation area, and as such a pullback in this point time is hardly anything to be concerned about. In fact, we see quite a bit of support at the €8500 level, and do not expect this market to break down below there or much farther for that matter. Even if it did, we still see a kind of support every hundred euros below there. Because of this, we are only buying this market and are looking for the right supportive candle from which to start doing so. At this moment in time, we think this market simply grinding sideways and take a breath from the recent bullish action we see.