IBEX 35 Index Futures December 7, 2012, Technical Analysis

The Spanish index fell during most of the session on Thursday, but found support again as the €7800 level. This simply is a continuation of the tight range that we have been following over the last couple of weeks, and as a result it still looks like we are grinding sideways. Because of this, we are not as impressed with this market as we are some of the other European indices of done so much better over the last couple of weeks. However, it does look like bullish pressure is trying to build up in this marketplace. With this being said, we don’t want to dabble in Spain until we get above the €8200 level as it would suggest that we have completely broken out. As for selling, €7500 looks to be the floor in the market.