IBEX 35 Futures forecast for the week of January 14, 2013, Technical Analysis

The IBEX 35 futures had a very strong showing over the last five sessions, as we pole vaulted from the €8400 level and into the 86 handle. This market does look very healthy, and it now appears that we are heading straight towards the €9000 level. We are a bit overextended at this point, but in reality we believe that any pullback at this point time will more than likely prove itself to be a buying opportunity.

Looking forward, we believe that the €9000 level will offer significant resistance, but it is there that we will decide whether or not we can continue higher, which could include going to the 10,000 level in relatively short order. If we see a massive amount of resistance at €9000, we could see a consolidated move between 9000 and 8000.