A minor setback Friday leaves a correction bias lower early this week, but the robust dip and bounce last week for a bullish follow-through leaves March upside risks intact.
We see a re-energizing of the bullish pressures that saw a February push through key longer term targets at the psychological/ option level at 3500 and the 61.8% retrace of the entire 2007-09 bear market at 3520, which has re-energized the bull theme for March.
- We see a downside bias for 3593; break here aims for 3573 and opens risk down to 3546, which we would look to hold.
- But above 3611 opens risk up to 3638.
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2 Hour EuroSTOXX 50 Future Chart