The Milanese index rose during the session on Friday in order to bounce from the 15,400 level. We actually see the major support being down 15,000, so were somewhat in the middle of “no man’s land.” With this in mind, we don’t necessarily see a decent trade set up at this point time, and would actually welcome a is fall back to the 15,000 level in order to look for support, and a more obvious trade.
To the upside, we have quite a bit of resistance going all the way to the 16,600 level. With this in mind, we do need to see a fall and some type of support in order to start buying again. If we managed to break the 14,800 level, we would be more than willing to start selling aggressively in the futures market.