Downtrend Rolls On *RES 4:........>

EUROSTOXX50 TECHS: Downtrend Rolls On

*RES 4: 3490.00 Down trendline resistance from Jan high 

*RES 3: 3486.31 High Aug 10 

*RES 2: 3462.81 High Aug 28 

*RES 1: 3374.66 21-dma 

*PREVIOUS CLOSE: 3345.51 

*SUP 1: 3374.40 Low Sep 7

*SUP 2: 3261.86 Low Mar 26 

*SUP 3: 3214.31 Low Feb 8 2017 

*SUP 4: 3175.00 Bear channel bottom 

Eurostoxx50 broke below its 21-dma on Friday and closed the week on its lows to

keep the focus firmly on the downside this week. The Sep 7 low at 3374.40 is

coming into play again and a break below here would test the March 26 low at

3261.86. Below here confirms a large topping formation. Bulls need to reclaim

the 21-dma to target the Aug 28 high and 200-dma and establish a higher cyclical

high, something which has not been achieved since May.