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Bear Channel Remains Intact ......>

EUROSTOXX50 TECHS
EUROSTOXX50 TECHS: Bear Channel Remains Intact 
*RES 4: 3524.68 100-DMA 
*RES 3: 3504.49 55-DMA, Daily Bear channel top 
*RES 2: 3497.29 High Aug 16 
*RES 1: 3484.66 High Aug 17
*PREVIOUS CLOSE: 3461.97
*SUP 1: 3454.26 Low Aug 15 
*SUP 2: 3435.22 Hourly support Aug 14 
*SUP 3: 3424.81 Alternating hourly support/resistance 
*SUP 4: 3391.30 200-DMA
*COMMENTARY: Once again attempts to break higher have been stifled by layers of
resistance 3504.49-3539.48 where key DMAs and the bear channel top are situated.
Initial support is now noted at 3454.26 with bears now needing a close below to
gain traction below the 21-DMA (3470.41) and confirm focus on 3390.49-3391.30
where Aug lows and the 200-DMA are situated. Bulls continue to look for a close
above 3539.48 to end bearish hopes.

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