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Recovery Looks Corrective *RES....>

EUROSTOXX50 TECHS
EUROSTOXX50 TECHS: Recovery Looks Corrective
*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: 3300.00 Resistance 
*PREVIOUS CLOSE: 3243.08 
*SUP 1: 3150.00 Bear channel bottom 
*SUP 2: 3030.00 Up trendline support from 2012 low 
*SUP 3: 2984.48 Low Dec 2 2016 
*SUP 4: 2678.27 Low July 1 2016 
Eurostoxx50 found resistance at the Sep 7 low yesterday and the weak close
suggests the recovery off of Monday's lows is corrective, pointing to further
downside. Below Monday's lows would open the bear channel bottom at 3150 ahead
of up trendline support from the 2012 lows. Bulls need to recover yesterday's
high to bring the 3000 level back into focus. Above here would shift the outlook
back to neutral and allow a challenge of the Aug 28 high.

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