Corrective mode intact *RES 4:....>

EUROSTOXX50 TECHS: Corrective mode intact

*RES 4: 3558.40 1.00 projection of Jun 14-Jun 21 rally from Jun 27 low

*RES 3: 3549.26 High Jul 4 and key bull trigger

*RES 2: 3530.11 High Jul 16

*RES 1: 3514.33 High Jul 19

*PRICE: 3489.92 @ Close Jul 22

*SUP 1: 3467.25 Low Jul 18

*SUP 2: 3448.66 50-day EMA

*SUP 3: 3442.39 Low Jun 28

*SUP 4: 3434.38 38.2% retracement of the rally between Jun 3-Jul 4

EUROSTOXX50 is likely to remain heavy near-term with the correction expected to

extend. The break of trendline support on Jul 9, drawn off the Jun 3 low

signalled scope for a deeper pullback. The move last Thursday below 3483.17, the

low of Jul 15 low has confirmed this outlook and opens 38.2% of the rally

between Jun 3-Jul 4 at 3434.38. Resistance is at 3530.11, a break is required to

reinstate a bullish tone and once again open 3541.85, the high of Jul 4.