Tuesday, 12 June 2012

Spanish Market ready to collapse a further 23%

Just a short update on the Spanish market - which has been a leading warning for other world markets since January.

IBEX, daily

IBEX, monthly


We saw a classic fail against the daily 10MA on Monday...and it is almost a perfect backtest of the old support (now resistance) line of 7000.

Downside - as I have said for over two months..is to the 5000 level - that is around 23% lower than current levels. There is no doubt about this.

For further chatter on yesterdays action in the IBEX, see  this posting by MISH.

Good wishes for Tuesday trading