With daily studies now at modestly O/S levels Stoxx50 bounced to close marginally above the 100-DMA and record a relatively bullish close, easing bearish pressure a little. Initial support is now noted at 3161.4 and while this level supports bulls will be looking for a bigger bounce that initially targets the 3211.5-3244.1 region with a close above the 21-DMA shifting overall focus to 2014 highs. Bears need a close below 3161.4 to regain the upper hand.
RES 4: 3244.1 21-DMA
RES 3: 3239.8 High July 8
RES 2: 3229.4 55-DMA
RES 1: 3211.5 Monthly low June 30 now resistance
PREVIOUS CLOSE: 3185.8
SUP 1: 3161.4 Low July 14
SUP 2: 3129.1 Monthly Low May 7
SUP 3: 3117.4 200-DMA
SUP 4: 3106.7 61.8% Fibonacci 2971.5-3325.5