Ibex Forecast August 27, 2015, Technical Analysis

The Ibex went back and forth during the course of the day on Wednesday, testing the 10,000 handle. Ultimately, we feel that this market will continue to grind sideways, so therefore we are not interested in trading it. However, if we get above the €10,300 level, we would be buyers as we would not only be filling the gap, but also breaking above it. With that, we would anticipate this market is going to try to get towards the €11,000 handle given enough time. Until then, we are simply sitting on the sidelines as choppiness will probably be the norm.