European benchmark downside correction bias intact
· We have repeated in our client reports from last week that “we still look for a cap at 3225 and for a roll back lower to the recovery range” and the bounce and another setback from ahead of 3204 (from 3200) leaves a defensive bias through midweek.
· We now see risk to modest supports at 3153/51 and the Friday spike low at 3137 and maybe 3116.
· The risk for the week is skewed for a deeper correction towards better supports at 3081 and 3063 for the week.
· Only a move above 3225 shifts to a more bullish theme.
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4 Hour Euro STOXX 50 September Future Chart