The IBEX futures market fell significantly during the session on Monday as the 8000 level is no longer supportive. However, we are towards the top of a greater consolidation area, and as such we think that the market will continue lower. We also believe that the €7600 level should continue to be support, and as such are looking to sell at this point, and then by once we find support closer to that level.
Ultimately, we think that this market continues higher as it looks so bullish overall. However, the €8200 level needs to give way in order for the buyers to take control. Until then, we can only play it as a range bound market area.