The index is lower this morning...>

EUROSTOXX50 TECHS: The index is lower this morning and once again we raise the

importance of trendline support that today intersects at 3740.30.

- The trendline has been in place since the Aug 15 low and successfully

contained pullbacks in October and December.

- Although not much upside progress from a trend perspective has been achieved

this month, the 5-month recovery remains intact.

- We need to see a break of the trendline to provide the first real threat to

bulls as this would signal a developing reversal.

- Until then, pullbacks are considered corrective and stronger gains above

3800.00 remains the preferred outcome.