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Euro STOXX 50 Bear Trend Risks Intact, Whilst Minimally Below 3062/64

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Euro STOXX 50 Bear Trend Risks Intact, Whilst Minimally Below 3062/64

Euro STOXX 50 Bear Trend Risks Intact, Whilst Minimally Below 3062/64

 

European benchmark downside extension bias

·         We stated in our last client report that for the start of this week “look for a consolidation, certainly below 3062/64 barriers, likely capped by 3052, but holding above 2994”.

 

·         Whilst capped by 3062/64 we still see a digestion theme and favours a roll back to the bounce price activity from here.

 

·         However, given the critical 2012-14 trend line break last week and push below the 38.2% retrace of the up leg from mid-2013 and April swing low at 3006/05, we see bear pressures intact.

 

·         Into mid-August, we see risk back below 2994 and 2973 for 2962 and 2928.

 

·         Overshoot risk is to the 50% retrace at 2907 and the key March low at 2896.

 

WHAT CHANGES THIS?

 

·         Above 3062/64 eases bear risks; through 3096/99 signals a neutral tone.

 

Download full report, levels & screencast here: http://members.marketchartist.com/Daily/eurostoxx.pdf

 

 

4 Hour Euro STOXX 50 September Future Chart

b2ap3_thumbnail_fesx1.png

Daily Euro STOXX 50 Future (Adjusted Continuation) Chart
b2ap3_thumbnail_fesx2.png

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Steve Miley is The Market Chartist and has over two decades of financial market experience with him. He spent 2009-2012 as a Director of the FX Technical Analysis Research Strategy team at Credit Suisse and was previously at Merrill Lynch for 15 years; 10 years as a technical analyst, 5 years in Fixed Income sales.


He was 2013 winner of the Technical Analyst Magazine Award for Best Independent Fixed Income Research & Strategy, Runner Up for the same award in 2014 and was the winner of Best FX Research & Strategy 2012 (at Credit Suisse).


Steve is a Member of the Society of Technical Analysts (MSTA) and holds a Masters Degree in Politics, Philosophy & Economics from Lincoln College, Oxford University.


Steve has covered all major asset classes including Rates & Credit, G10 & EM currencies, Equity Indices & Sectors and Commodities and has strong relationships across the institutional financial trading spectrum, including Central Banks, Real Money accounts, Hedge Funds and other Global Corporates.

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