Heavy below 50-day EMA *RES 4:....>

EUROSTOXX50 TECHS: Heavy below 50-day EMA

*RES 4: 3424.68 Low Jun 27

*RES 3: 3406.39 50.0% retracement of the Jul 25 - Aug 15 downleg

*RES 2: 3402.86/3405.35 50-day EMA / High Aug 22

*RES 1: 3360.93 High Aug 26

*PRICE: 3348.84 @ Close Aug 26

*SUP 1: 3318.33 Low Aug 26

*SUP 2: 3286.54 Low Aug 16

*SUP 3: 3239.20 Low Aug 15 and key support

*SUP 4: 3175.71 Low Feb 15

Despite yesterday's climb, the selling pressure on Friday is likely to weigh

near-term. It reinforced the bearish significance of the recent inability to

clear resistance around the 50-day EMA. The reversal off last Thursday's high

also signals an end to the recent correction and the focus shifts to the

3286.54, Aug 16 low. A break would open 3239.20, the low of Aug 15 and bear

trigger. A move above 3405.35 is required to reinstate a bullish outlook.