(U3) Bear Threat Remains Present

• RES 4: 4539.20 1.382 proj of the May 31 - Jul 3 - 7 price swing (cont)
• RES 3: 4515.00 High Nov / Dec 2007 (cont)
• RES 2: 4513.00 High Jul 31 and the bull trigger
• RES 1: 4420.00 High Aug 10
• PRICE: 4360.00 @ 05:47 BST Aug 15
• SUP 1: 4276.00 Low Aug 8
• SUP 2: 4220.00 Low Jul 7 and a reversal trigger
• SUP 3: 4177.40 61.8% retracement of the Mar 20 - Jul 31 bull leg
• SUP 4: 4122.00 Low Mar 28

A bearish threat in Eurostoxx 50 futures remains present following the recent reversal from 4513.00, the Jul 31 high. Short-term gains are considered corrective. Price remains below both the 20- and 50-day EMAs and attention is on support at 4276.00, the Aug 8 low. Clearance of this level would strengthen a bearish threat and expose 4220.00, the Jul 7 low. Initial firm resistance is 4420.00, Aug 10 high.