European benchmark bullish risks intact
· We looked for a digestion tone Monday and the modest rebound has reflected a resilient consolidation, though we also stated that “whilst above support at 3033 and better foundation at 3018, we see upside risks intact for midweek”.
· The push last week above the 3113 peak and 3132 resistance factors leaves the bias still higher into midweek and mid-month to aim back to 3118 and 3138, then extension this week for a key chart/ retrace area at 3177/81.
· Overshoot threat is still to 3227/28/32, maybe 3239 and even to the cycle high at 3293 into month-end.
WHAT CHANGES THIS?
· Below 3033 eases bull risks; through 3018 signals a neutral tone, only shifting negative below 295.
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4 Hour Euro STOXX 50 December Future Chart