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(M2) Correction Extends


Late Session Rebound


(M2) Corrective Cycle Remains In Play


(M2) Gains Still Considered Corrective

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EUROSTOXX50 TECHS: Bearish Reversal
*RES 4: 2948.89 50-day EMA
*RES 3: 2927.26 High May 11 and key resistance
*RES 2: 2872.01 High May 13
*RES 1: 2796.48 High May 14
*PRICE: 2760.23 @ Close May 14
*SUP 1: 2708.07 Low May 14
*SUP 2: 2701.86 Low Apr 6
*SUP 3: 2663.33 50.0% retracement of the rally between Mar 16 - Apr 30
*SUP 4: 2626.10 Low Apr 2 and key support
EUROSTOXX 50 yesterday traded through key support at 2791.34. The break lower
reinforces recent bearish patterns, namely the bearish engulfing candle on Mar
30 and the failure late last month to clear the 50-day EMA. A reversal appears
confirmed and this signals scope for a deeper near-term pullback. The focus is
on 2701.86, Apr 6 low and 2663.33, a Fibonacci retracement. On the upside,
initial resistance is seen at 2796.48, May 14 high.

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