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