The IBEX as you can see went back and forth during the day on Monday, initially gapping lower. The €10,000 level did in fact offer a bit of support, as one would anticipate. However, looking at this chart you can see that we are most certainly bearish, and a move below the €9950 level would in fact trigger more selling in our opinion. Rallies at this point time would have to be treated with suspicion, at least until we get above the €10,300 handle. Because of this, we are essentially bearish, but do recognize that there does come a point where momentum shifts back into consolidation.
