Rebounds Off Recent Lows *RES.....>

EUROSTOXX50 TECHS: Rebounds Off Recent Lows

*RES 4: 3448.24 High Mar 3

*RES 3: 3394.90 High Jun 8 and the bull trigger

*RES 2: 3314.22 76.4% retracement of the Jun 8 - 15 sell-off

*RES 1: 3277.87 High Jun 16

*PRICE: 3242.65 @ Close Jun 16

*SUP 1: 3156.03 Low Low Jun 16

*SUP 2: 3054.11/60.90 Low Jun 15 / 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 traded higher yesterday extending the rebound off Monday's low. For

now, the outlook remains bearish following last week's sell-off. It is too early

to tell whether last week's pullback is a major reversal though. At the very

least, the pullback is allowing a recent overbought condition to unwind.

Attention is on 3060.90, the 50-day EMA and 3023.83, Apr 30 high. The bear

trigger is Monday's low of 3054.11. Initial resistance is at 3277.87.