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Euro STOXX 50 future firm bounce aims up to 3269/72, maybe 3290/91

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Euro STOXX 50 future firm bounce aims up to 3269/72, maybe 3290/91

European benchmark recovery theme and bull pressures to resurface

·         A further dip to nudge through the trend line support from mid-August (3235), but the subsequent bounce as expected, signal a resurfacing of bull risks for this week and through mid-month.

·         The strong rally from August that overcame important barriers at 3213/25 favours a better bounce from the trend line back to modest resistance at 3269/72 this week, maybe today.

·         We still see risk for a bullish extension, through 3291 and for a challenge to the cycle high at 3322 through mid-month.

·         Extension objectives are at 3342, 3359 and 3373.

WHAT CHANGES THIS?

·         Below 3201 eases bull risks; through 3167 signals a neutral tone, only shifting negative below 3137.

Download full report, levels & screencast here: http://members.marketchartist.com/Daily/eurostoxx.pdf

 

4 Hour Euro STOXX 50 September Future Chart

 

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Steve Miley is The Market Chartist and has over two decades of financial market experience with him. He spent 2009-2012 as a Director of the FX Technical Analysis Research Strategy team at Credit Suisse and was previously at Merrill Lynch for 15 years; 10 years as a technical analyst, 5 years in Fixed Income sales.


He was 2013 winner of the Technical Analyst Magazine Award for Best Independent Fixed Income Research & Strategy, Runner Up for the same award in 2014 and was the winner of Best FX Research & Strategy 2012 (at Credit Suisse).


Steve is a Member of the Society of Technical Analysts (MSTA) and holds a Masters Degree in Politics, Philosophy & Economics from Lincoln College, Oxford University.


Steve has covered all major asset classes including Rates & Credit, G10 & EM currencies, Equity Indices & Sectors and Commodities and has strong relationships across the institutional financial trading spectrum, including Central Banks, Real Money accounts, Hedge Funds and other Global Corporates.

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