A further corrective setback Wednesday as we had expected, but as we had stated in our recent client reports "we look for 3523/22 and certainly 3498 to hold and still see upside pressures from the firm February extension rally" and the bounce from ahead of here signals a still bullish tone.
We see a re-energizing of the bullish pressures that saw a 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 Q1.
- We see an upside bias for 3606/09; break here aims for 3618 and 3635.
- But below 3546 aims through 3532 and opens risk down to 3523/22, which we would look to hold.
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2 Hour EuroSTOXX 50 Future Chart