IBEX 35 Forecast December 3, 2012, Technical Analysis

The Spanish index barely budged during the Friday session as we continue to bounce into the €8000 level. This area should be significant resistance, and as a result we are not interested in buying at this point in time. However, on the other side we do see significant support at the €7800 level as well. This looks like a market that is boxed in, and will find it very difficult to make a serious move in one direction or the other. With that being said, this is one of her least favorite markets currently, and will be avoided.