Stoxx50 was unable to capitalize on the close marginally above the 100-DMA with the move lower Tuesday reconfirming bearish focus. The main concern for bears are O/S studies which may limit the extent of future losses. Bulls now need a close above 3190.5 to ease bearish pressure and above the 21-DMA to end bearish hopes and target 2014 highs. Bears remain firmly focused on the 3118.6-3129.1 support and then Apr monthly lows.
RES 4: 3238.9 21-DMA
RES 3: 3229.4 55-DMA
RES 2: 3211.5 Monthly low June 30 now resistance
RES 1: 3190.5 High July 14
PREVIOUS CLOSE: 3153.7
SUP 1: 3129.1 Monthly Low May 7
SUP 2: 3118.6 200-DMA
SUP 3: 3106.7 61.8% Fibonacci 2971.5-3325.5
SUP 4: 3083.4 Monthly Low Apr 14