IBEX 35 Index Futures Forecast December 18, 2012, Technical Analysis

The IBEX was slightly positive session on Monday, but all things being considered equal was relatively flat. After all, we are still bouncing around in a significant consolidation area, and it isn’t until we break above the €8200 level that it appears that we have truly and successfully blown through the resistance. Because of this, we are very suspect of this market right now, although if we were forced to take a position, it would most certainly be to the long side. With that being said, we are currently waiting until that daily close above €8200 in order to start buying. As for selling, we have no interest in doing so right now.