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EuroSTOXX 50 Future Bull Theme Just Intact

Posted by on in Equity Index Chart Updates
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EuroSTOXX 50 Future Bull Theme Just Intact

A far more significant plunge Wednesday to probe our key level at 3544, but the quickly rebound back above here.

For now, this has avoided a broader shift to a range theme and we see a rebound bias for Thursday.

However, should the Wednesday low at 3534 be breached, we would see a shift to a non-trend phase into May.

For Today:

We see an upside bias for 3591; break here aims for 3618, maybe to 3659.

But below 3534 opens risk down to 3502, maybe key 3476 and 3457, which we would look to try to hold.

Short/ Intermediate-term Outlook - Upside Risks:

We see a bigger picture positive tone with the late April threat back to the April cycle high at 3769.

The bullish risk is then for Fibo extension levels now at 3777 and 3835.

Above here the threat is still higher for a key swing high from 2008 at 3879.

What Changes This? Through 3534 signals a neutral tone, only shifting negative below 3457.


If you want to see more, you can view the full EuroSTOXX future report with screencasts, levels and day trade views - click here
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2 Hour EuroSTOXX 50 Future Chart (June Contract)


Daily EuroSTOXX 50 Future Chart (June Contract)


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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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