IBEX 35 Index Futures Forecast December 31, 2012, Technical Analysis

The IBEX 35 futures fell during the session on Friday as the €8300 level continues to be far too resistive for the market to overcome. We believe that the breakout that we’ve seen recently over the 8000 and more importantly the €8200 level is a real breakout, but this time of year is far too thin for traders to breakout and continue to push markets higher.

With this being said, we expect to see some type of support just below, and should mention that the €8100 level did stop selling during the Friday session. We would like to buy a supportive candle somewhere between here and €8000 to continue to go higher. Until that happens though, we are going to be on the sidelines and out of this marketplace.