The European QE is pending - It is largely in the media for a long while now.
I doubt equities would be trading where they are if they expected something great to come (this is speculative, i acknowledge).
IBEX is on a cliff that rejected up twice in weekly close...
The third attempt down may break the elastic this time and there is 25% free fall zone.
In any case: very pivotal supported zone that shall launch something rather soon.
My view: down.
Short 10% stop 11000... TP 8000.
the price does not necessarily tell you the economy and vice versa..