ALERT! - Spain IBEX Update - March 2, 2018

publication date: Mar 2, 2018

Cerundolo Investment Research    

CIR ALERT!  

Volume 2, Issue 11
March 2, 2018

Download PDF Version here


Items of Interest:

  • We first expressed our cautionary view of the IBEX in our February 6th Technical Tuesday report indicating that the index was breaking its monthly uptrend and that a bearish Money Flow Unit (MFU) had formed. The target generated from that day is 8655, another 10% lower from here. We would also point out that there is an MFU-3 target at 7400 which comes into play once we see 2 to 3 consecutive weekly closes below 8655. Ironically, if this were to come to pass, it would put the IBEX down 35% from the 2017 high and would be equal to the decline we had in 2015 to 2016. We strongly reiterate our cautionary view of this market.

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