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Pullback Considered Corrective


Corrective Cycle


Corrective Bounce


Short-Term Trend Needle Points South

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(Z2) Sell-Off Exposes The 50-Day EMA

  • RES 4: 4230.50 High Feb 10 (cont)
  • RES 3: 4132.60 76.4/% of the Nov ‘21 - Mar ‘22 bear leg (cont)
  • RES 2: 4037.00/4049.50 High Dec 13 / High Feb 23 (cont)
  • RES 1: 3903.00 Low Dec 8
  • PRICE: 3844.00 @ 06:28 GMT Dec 16
  • SUP 1: 3827.00 Low Dec 15
  • SUP 2: 3794.10 50-day EMA
  • SUP 3: 3697.00 Low Nov 10
  • SUP 4: 3636.50 5.0% retracement of the Oct - Dec bull cycle

EUROSTOXX 50 futures traded sharply lower Thursday to extend the pullback from Tuesday’s 4037.00 high. The move lower suggests potential for a deeper retracement with sights on the 50-day EMA, at 3794.10. A break of this average would signal scope for a continuation lower. On the upside, key resistance has been defined at 4037.00 where a break is required to resume the recent uptrend.

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