(Z1) Bearish Threat Remains Present

• RES 4: 4300.00 Round number resistance
• RES 3: 4223.00 High Sep and the bull trigger
• RES 2: 4197.45 2.0% 10-dma envelope
• RES 1: 4184.00 High Sep 17
• PRICE: 4144.50 @ 05:52 BST Sep 23
• SUP 1: 3974.00 Low Sep20
• SUP 2: 3962.50 76.4% retracement of the Jul 19 - Sep 6 rally
• SUP 3: 3941.50 Low Jul 21
• SUP 4: 3882.00 Low Jul 19 and a key support

EUROSTOXX 50 futures traded down to 3974.00 on Sep 20. The contract has since recovered. Despite recent gains, a bearish threat remains present. Monday's breach of 4060.50, Aug 19 low highlights a short-term bearish cycle. This follows last week's move below 4104.50, Sep 9 low that confirmed a bearish price sequence of lower lows and lower highs and opens 3962.50 next, a Fibonacci retracement. Resistance is at 4102.50, Sep 20 high.