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
Daily Euro STOXX 50 Future (Adjusted Continuation) Chart