IBEX Forecast October 3, 2014, Technical Analysis

The IBEX as you can see fell hard on Thursday, losing over 3% for the day. We also sliced through the €10,750 level, an area that had been supportive. We are now below the €10,500 level, so it appears that we will probably make a run back down towards the €10,000 level given enough time. There is noise below though so any rallies at this point time should be short-term in nature, offering a selling opportunity. We don’t really have any real interest in buying this market at this moment as it looks broken.