IBEX 35 Index Futures Forecast December 13, 2012, Technical Analysis

The IBEX 35 futures shot straight up during the session on Wednesday as we managed to break above the €8000 level. The market looks very bullish of this point time, and we certainly wouldn’t sell it here even though we see quite a bit of resistance all the way up to the 8200 level. It is above the €8200 area that we become very comfortable buying this market as we think it will not only break out, but continue much higher. We have seen breakouts in France, and the UK looks like its doing so as well, so this of course could very well be the future course in this market, but as long as we are underneath that level there are far too many risks to being long.