European benchmark correction theme within intact bull trend
· We stated in our last report that “the close of the bear gap and close at the low Friday, signals a very short-term bullish failure, for a more defensive bias early this week. We see risk back down to 3243 and maybe 3214 on Monday/ Tuesday”.
· The push through the higher level leaves risk to the lower level on Tuesday.
· However, into the week, we still see upside risk, back through the new 3293 peak to aim above for the 3307 high.
· The weekly continuation chart high is then see through here at 3327.
WHAT CHANGES THIS?
· Below 3214 eases bull risks; through 3186 signals a neutral tone, only shifting negative below 3122.
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4 Hour Euro STOXX 50 December Future Chart
Daily Euro STOXX 50 Future Adjusted Continuation Chart