The Spain Bolsa de Madrid IBEX 35 Index ($IBEX) hit a major resistance zone around 11000. Notice that the index has been turned back near this level since July 2010 (one year). A breakout is needed to revive the bulls here and build confidence in Europe. RSI confirms resistance as the indicator stalls in the 50-60 zone.
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About the author:
Arthur Hill, CMT, is the Chief Technical Strategist at TrendInvestorPro.com. Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed market technician. Arthur has written articles for numerous financial publications including Barrons and Stocks & Commodities Magazine. In addition to his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Business School at City University in London.
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