IBEX 35 Index Futures Forecast December 12, 2012, Technical Analysis

The IBEX started out fairly weak for the Tuesday session, but the €7600 level continued to offer support, causing a balance all the way back to the €7926 level. This market is currently trying to break above the €8000 level, so while we do not see a trade for the session today, the reality is that we will be breaking out more than likely over the next couple of sessions.

It isn’t until we are above the €8200 level that I am comfortable buying this market, as it seems choppy and range bound at best. However, it should be stated that it does look like this market will eventually break higher, especially if the last 24 hours has been any type of indication. In the meantime, I would be on the sidelines waiting for a break above €8200 in order to get involved.