The IBEX 35 had a fairly quiet session during the Monday trading hours as the futures held onto the €7700 level. This area has been support in the past, and looks to be support now. With that in mind, it does appear that we are heading higher, and we would be buyers if we can break above the highs from the Friday shooting star. This would have is aiming for the €8200 level, as we think this market is essentially range bound at the moment.
As far as selling is concerned, we would need to see the €7600 level collapse under the weight of the sellers. Until this happens, we simply see no reason to do so and believe that the path forward is still going to be consolidation.