European benchmark recovery theme and bull pressures to resurface
· A further dip to nudge through the trend line support from mid-August (3235), but the subsequent bounce as expected, signal a resurfacing of bull risks for this week and through mid-month.
· The strong rally from August that overcame important barriers at 3213/25 favours a better bounce from the trend line back to modest resistance at 3269/72 this week, maybe today.
· We still see risk for a bullish extension, through 3291 and for a challenge to the cycle high at 3322 through mid-month.
· Extension objectives are at 3342, 3359 and 3373.
WHAT CHANGES THIS?
· Below 3201 eases bull risks; through 3167 signals a neutral tone, only shifting negative below 3137.
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4 Hour Euro STOXX 50 September Future Chart