Corrective Phase *RES 4:..........>

EUROSTOXX50 TECHS: Corrective Phase

*RES 4: 3498.07 76.4% retracement of the Feb - Mar sell-off

*RES 3: 3448.24 High Mar 3

*RES 2: 3394.90 High Jun 8 and the bull trigger

*RES 1: 3263.61 High Jun 11

*PRICE: 3153.74 @ Close Jun 12

*SUP 1: 3110.30 Low Jun 12

*SUP 2: 3050.10 50-day EMA

*SUP 3: 3023.83 High Apr 30

*SUP 4: 2925.51 Bear channel base drawn off the Mar 16 low

EUROSTOXX 50 ended the week on a softer note. It is too early to tell whether

last week's pullback is a major reversal. At the very least, this market has

entered a corrective phase allowing a recent overbought condition to unwind.

Attention is on 3050.10, the 50-day EMA 3023.83, Apr 30 high. The area between

these two levels marks a key support zone. A break would suggest potential for a

deeper decline. Initial resistance is at Thursday's high of 3263.61.