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Euro STOXX 50 Future Tops for a Bear Bias

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Euro STOXX 50 Future Tops for a Bear Bias

European benchmark aims lower for 3223, 3213/11 and 3200

  • We have stressed in recent client reports this week that “we still see the range defined by 3249 and 3322, but see risk lower within that range into midweek, with risk for a challenge to 3249/48”

  • A more notable erosion through midweek has produced a break below here for a short-term top and sees a shift to a more bearish theme into early July.

  • We now see risk lower, to aim for 3223 next with risk into late June to 3213/11 chart props.

  • Overshoot threat is to the retrace at 3200 and the bull gap at 3196-92.

  • The 8-day RSI is negative, but not OS, leaving scope to go still lower this week

WHAT CHANGES THIS?

  • Above 3273 eases bear risks; through 3305 signals a neutral tone, only shifting positive above 3322.

4 Hour Euro STOXX 50 Future Chart

Euro stoxx

Daily Euro STOXX 50 Future (Adjusted Continuation) Chart

Euro stoxx

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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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