(U3) Gains Considered Corrective

• RES 4: 4472.24 1.382 proj of the May 31 - Jun 5 - 7 price swing
• RES 3: 4448.00 High Jan 2008 (cont) and key resistance
• RES 2: 4371.00 High Jul 6
• RES 1: 4330.20 50-day EMA
• PRICE: 4291.00 @ 06:45 BST Jul 11
• SUP 1: 4220.00 Low Jul 7
• SUP 2: 4208.50 50.0% retracement of the Mar 20 - Jul 3 bull cycle
• SUP 3: 4200.00 Round number support
• SUP 4: 4152.20 61.8% retracement of the Mar 20 - Jul 3 bull cycle

Eurostoxx 50 futures remain vulnerable despite the latest bounce. The contract traded sharply lower last week, clearing a number of key support levels in the process. 4241.00, the May 31 low, has been breached highlighting a potential reversal. This has opened 4208.50, a Fibonacci retracement point. Key short-term resistance is seen at 4330.20, the 50-day EMA. A break of this average would ease bearish pressure.