MIB Index Futures Forecast December 10, 2012, Technical Analysis

The MIB Index futures fell 0.86% during the Friday session as the market pullback in order to look for support at 15,600. We did get a bit of a bounce, and the candle for the day looks much like a hammer, suggesting that we could see a bounce higher. We still think that there is a significant amount of support down at the 15,600 level, but we also see that there is a bit of a top in this market at the 16,200 level for the short-term. All this being said, we expect this market to be somewhat soft but have the ability to break out to the upside on a supportive candle just below current pricing.