Yet another new cycle high to end the week, only the closing bell halting further gains reinforcing the Tuesday bull gap (3663-56) driven surge.
Minimally, whilst the bull gap is intact, and given the late March bounce from 3544, we see a still very bullish theme.
We see an upside bias above 3753 for 3762, maybe 3777.
But below 3727 aims for 3714 and then 3693, which we would look to try to hold.
Short-term Outlook - Upside Risks:
For April, we see a positive tone with the bullish threat for Fibo extension levels now at 3777 and 3835.
Bigger picture threat is still higher for a key swing high from 2008 at 3879.
What Changes This? Through 3601 eases bull risks, below 3544 signals a neutral tone, only shifting negative below 3457.
Momentum: Daily, weekly and monthly momentum measures are supportive of further gains.
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2 Hour EuroSTOXX 50 Future Chart (June Contract)